CM October 2020

CREDIT MANAGEMENT
CM
OCTOBER 2020 £12.50
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
Digging Deep
Tough times ahead for the
UK agricultural sector
Enforcement action
has started afresh.
Page 12
Sean Feast FCICM
talks to Karen Savage
of Azzurro Law. Page 21

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9
FALSE DAWNS
Sue Chapple
FCICM
CICM GOVERNANCE
View our digital version online at www.cicm.com. Log on to the Members’
area, and click on the tab labelled ‘Credit Management magazine’
Credit Management is distributed to the entire UK and international CICM
membership, as well as additional subscribers
Reproduction in whole or part is forbidden without specific permission. Opinions expressed in this magazine do
not, unless stated, reflect those of the Chartered Institute of Credit Management. The Editor reserves the right to
abbreviate letters if necessary. The Institute is registered as a charity. The mark ‘Credit Management’ is a registered
trade mark of the Chartered Institute of Credit Management.
Any articles published relating to English law will differ from laws in Scotland and Wales.
16
PICTURE PERFECT
Aneesh Varma
21
LEGALLY SPEAKING
Karen Savage
18
GROWING PAINS
Markus Kuger
President Stephen Baister FCICM / Chief Executive Sue Chapple FCICM
Executive Board: Chair Debbie Nolan FCICM(Grad) – Vice Chair Phil Rice FCICM /Treasurer Glen Bullivant FCICM
Larry Coltman FCICM / Victoria Herd FCICM(Grad) / Philip Holbrough MCICM
Advisory Council: Sarah Aldridge FCICM / Laurie Beagle FCICM / Glen Bullivant FCICM / Alan Church FCICM(Grad)
Brendan Clarkson FCICM / Larry Coltman FCICM / Niall Cooter FCICM / Peter Gent FCICM(Grad) / Victoria Herd FCICM(Grad)
Philip Holbrough MCICM / Neil Jinks FCICM / Nick King FCICM / Charles Mayhew FCICM / Debbie Nolan FCICM(Grad)
Bryony Pettifor FCICM(Grad)/ Allan Poole MCICM / Alice Purdy MCICM(Grad) / Matthew Roberts MCICM / Phil Rice FCICM
Chris Sanders FCICM / Stephen Thomson FCICM / Atul Vadher FCICM(Grad)
OCTOBER 2020
www.cicm.com
CONTENTS
9 – False Dawns?
What does ‘normal’ look like in the
months ahead?
10 – Fire Hazard
Will we see an end to pre-packs and the
Pre-Pack Pool?
12 – Welcome Home?
CIVEA members are helping local
authorities to recover vital cash.
16 – Picture Perfect
The impact of COVID-19 on future credit
reports.
18 – Growing Pains
It’s an anxious time for farming. Markus
Kuger of D&B explores the sector’s
future.
21 – Legally Speaking
Sean Feast FCICM talks commercial
collections to Karen Savage of Azzurro
Law.
24 – Mind your Language
Poland is a great place to do business,
but the language can be a barrier.
29 – Open all Hours?
Karen Young wonders what is next for
the workplace.
32 – Executive Board
Sean Feast FCICM profiles the CICM’s
new Executive Board.
37 – Ship to Shore
Does off-shoring AR work in a
pandemic?
38 – Calm before the Storm
How the payment landscape has
changed since lockdown.
Publisher
Chartered Institute of Credit Management
The Water Mill, Station Road, South Luffenham
OAKHAM, LE15 8NB
Telephone: 01780 722900
Email: editorial@cicm.com
Website: www.cicm.com
CMM: www.creditmanagement.org.uk
Managing Editor
Sean Feast FCICM
Deputy Editor
Iona Yadallee
Art Editor
Andrew Morris
Telephone: 01780 722910
Email: andrew.morris@cicm.com
Editorial Team
Rob Howard and Imogen Hart
Advertising
Grace Ghattas
Telephone: 020 3603 7946
Email: grace@cabbell.co.uk
Printers
Stephens & George Print Group
2020 subscriptions
UK: £112 per annum
International: £145 per annum
Single copies: £12.50
ISSN 0265-2099
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 3

EDITOR’S COLUMN
It’s a mad mad
mad mad world
Sean Feast FCICM
Managing Editor
THEY used to say when I was
young that you never saw a
poor farmer. As a farmer’s
son, I remember it well, and
I recall how very angry my
father became every time
he heard it.
He certainly wasn’t rich, and battled
night and day through the driest summers
and the bleakest winters to keep our farm
afloat. Then came the Spring of 1992, and
an outbreak of BSE across the UK that took
over 100 cattle from our own herd. Perhaps
this doesn’t seem like a large number
compared to the 37,000 that died or were
slaughtered that year as a result of Mad Cow
Disease, but it was more than half of what
we had.
Somehow, he recovered, rebuilt the herd
(he used to buy three calves for a fiver at
the market – those that were not expected
to make it through the night – and nurse
them back to health, the dear old softy)
and managed to get the farm back onto its
feet. Then came the Spring of 2001, and
an outbreak of Foot & Mouth that led to
more deaths, another depleted herd, and a
decision at last to throw in the towel.
There was very little coverage given to
the plight of farmers like my father at the
time. Being on the Isle of Man, the bigger
news was the cancellation of the TT which
was, and I should imagine still is, the
Island’s biggest revenue generator outside
of Financial Services.
I wonder, had my father lived and my
brothers and I had taken over the farm,
what he would now be making of COVID-19.
For farmers today are in a parlous state, not
helped by poor weather and an expected
poor harvest.
Markus Kuger, the genius Chief Economist
at Dun & Bradstreet, looks at the sector in
detail in our lead article, and reveals how
many farms have been lost in the last four
years alone. While payment performance
across the agricultural sector as a whole is
encouraging, it’s not all good news.
Uncertainty over Brexit combined with
a decline in demand for certain foodstuffs
such as dairy due to the wholesale closure of
restaurants and cafés is putting pressure on
an industry already under duress. Markus
confirms there are difficult times ahead,
profits will be down, but that the industry
will survive. I’m sure it will, but there will
be failures. So next time you think that all
farmers are raking it in, spare a thought for
my father and others like him. It’s not all
fields of gold.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 4

CMNEWS
A round-up of news stories from the
world of consumer and commercial credit.
Written by – Sean Feast FCICM
David Postings,
Chief Executive
of Bibby Financial
Services
Pressure mounting on SMEs as
Ministers demand return to work
THE majority (55 percent) of UK
SMEs are being paid later as
a result of the pandemic in a
trend which is threatening the
economic recovery.
A report by Bibby Financial Services
(BFS) suggests that more than a third
(36 percent) of SMEs have seen payment
times increase by more than three
weeks, while 28 percent have seen an
increase in bad debt. More than one in 10
(12 percent) have customers who refuse
outright to pay money owed.
As the economy begins to restart,
Bibby believes these financial pressures
are hindering the ability of SMEs to get
back to business. Some 14 percent of
SMEs have been forced to turn down new
business as the money they need to buy
raw materials is wrapped up in unpaid
invoices, and one in 10 (11 percent) have
had to keep staff on furlough who they
need to bring back to complete work.
While there is a clear economic cost
to SMEs, there is also a personal one.
SME owners are struggling to balance
the financial pressures of the pandemic
with their own wellbeing with a third (34
percent) admitting to not having a single
day off since the start of lockdown and
27 percent citing a deteriorating work life
balance.
The research shows that 56 percent
of SMEs will be unable to meet their
running costs beyond 12 months as poor
payment practices complicate already
stretched supply chains. Nearly a quarter
(22 percent) of UK SMEs have lost a
supplier already due to the business
closing and 12 percent admit to delaying
a payment to a supplier in an attempt to
manage cashflow.
David Postings, Chief Executive of
Bibby Financial Services, says pressure
on SMEs is reaching an unsustainable
level: “Everyone likes to talk about SMEs
being the backbone of the UK economy
and they clearly have a critical role to
play in the country’s economic recovery,
but too often we lose sight of the people
that run and work in them. There are 5.9
million SMEs in the UK, often employing
fewer than 10 people, and for businesses
of that size, it’s personal.”
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 5

NEWS ROUNDUP
Report claims rise as digital
demands clearer leadership
STRONG and clear leadership
are key to the transformative
success of digital in the
workplace, according to a report
from the ACCA that reveals the
challenges and opportunities faced by
organisations during the pandemic.
Data and digital transformations have
increased exponentially in the workplace
over the COVID-19 pandemic, with
the role of and reliance on technology
becoming more significant than ever
before as more organisations adopt
digital products and services to survive.
ACCA says this has been the result of
the maturing of digital applications to a
level that’s made them widely usable and
hyper-relevant in the current situation.
ACCA’s report - Digitisation and the
Global Pandemic - examines the impact
of this immense change due to the
pandemic and includes case studies
from business leaders around the world.
It offers practical guidance to cope with
digital transformation, using ACCA’s ‘Act,
Analyse and Anticipate road to recovery’
model with a focus on digital.
ACCA recommends the first step is to
act to ensure operability; then analyse
the situation ahead by looking for
opportunities; then finally comes the
transformation of the organisation by
establishing a digital strategy, identifying
the role of technology to support the
future strategic workforce plan
virtually and physically, and how its
presence can be sustained in the longer
term.
Narayanan Vaidyanathan, the author
of the report says technology and digital
have helped many organisations to
continue to operate: “Those already
thinking about digitisation have adapted
better, while those who had historically
resisted it found their problems
amplified. That’s why we think our
roadmap is helpful, a practical guide to
plan over the short, medium and long
term to cope with digital change.
“Many have had to accelerate their
digital plans and make huge changes
to how an organisation actually works.
Home working has become the norm,
and for managers this has demanded a
change in style and approach – the rise
of digital has meant the need for even
more leadership from the front, with
a strong human touch.”
ACCA says the pandemic has also
transformed how business is done, with
a greater expectation that organisations
will act with care and compassion.
Sam Ellis, chair of ACCA’s Global
Technology Forum, says that COVID-19
has, at least for now, reduced the
tolerance for traditional hard-charging
ways of doing business: “Organisations
are thinking more critically about what
their digital footprint says about their
values and respect for the community.
But we are very much still in unchartered
waters.”
(See Sue Chapple’s column on page 9.)
Debbie Nolan appointed new CICM Chair
DEBBIE Nolan FCICM(Grad) has
succeeded Pete Whitmore FCICM as
Chair of the CICM Executive Board
of Trustees. She is joined in her new
position by Phil Rice FCICM as Vice Chair
and Glen Bullivant FCICM as Treasurer.
Debbie, the UK CEO of global financial
solutions company, Arvato, has been a
graduate member of the CICM for more
than 25 years. She has spent almost all of
her working life in the credit industry in a
number of different roles for high profile
organisations, predominantly focused
on consumer credit, recoveries and
collections.
Debbie says she is honoured to be
elected: “I’d like to think that I’ve been
able to utilise the experience that I have
gained in my ‘day job’ to help support and
shape the CICM over the last two years
and will continue to do so in the future.
We need a collaborative, forward thinking
Executive Board more than ever to tackle
the challenges of a post-pandemic period
that is likely to have a lasting impact on
our industry.”
Sue Chapple FCICM, Chief Executive
of the CICM, said she was delighted
to welcome Debbie as Chair: “Pete has
done an excellent job in steering the
Executive Board with Debbie as his
Deputy, so Debbie will be able to hit the
ground running. There is much to be
accomplished over the next two years
and Debbie’s knowledge, insight and
experience will be critical as we take the
CICM and its members on the next stage
of our journey in promoting best-practice
credit management.”
Debbie has represented Consumer
Credit on the CICM Advisory Council
since 2016 and has served as Vice Chair
on the Executive Board for the last two
years.
Other elected Executive
Board Trustees are Larry
Coltman FCICM, Victoria
Herd FCICM(Grad) and Phil
Holbrough MCICM.
(See article on page 32.)
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 6

UK workers ‘better off’ during
lockdown, survey claims
TWO thirds of British workers have been
better off financially since lockdown,
primarily as a result of working from
home and not going out.
The survey, commissioned by Eskenzi
PR, found that of 1,000 people surveyed,
30 percent said they saved on lunches by
working from home, 60 percent of people
saved money by not going out, and half
(50 percent) saved on commuting costs.
The study also found that almost
90 percent of those employed in the
financial sector reported savings.
Similarly, those in IT, Legal, HR and
Education also managed to increase
their savings during the months of
lockdown. Even key workers were able to
save, despite still having to commute to
work. In fact, 65 percent of retail workers,
builders and manual labourers reported
being better off financially since March
2020, according to the findings.
Workers managed to save an
average of £820 over the six-month
lockdown period just by making lunch
at home - based on the average cost of
eating out at lunch of £3.56, Monday to
Friday - resulting in an overwhelming
£8.1bn saved on out-of-home lunches
nationwide. These financial benefits
have led to more than a third (35 percent)
of respondents to cite their ability to
save by working from home as one of
the reasons why they are not looking
NEWS ROUNDUP
forward to returning to office life.
Unfortunately, some may struggle
to continue this saving streak as
Government incentives come to an
end. With the furlough scheme and the
popular Eat Out to Help Out initiative
ending, it has become more difficult but
necessary to save. From January 2021
rail prices will also be increasing by 1.6
percent, while the congestion charge in
London has already risen to £15, meaning
that annual travel expenditure will
increase making it more difficult to save
if people return to the office.
Although we may be coming out of
lockdown and spending is increasing,
there are still ways you can maintain
savings. The survey found that 30
percent of respondents believed they
won’t be back in the office until 2021,
and three quarters (75 percent) reported
that their employers will allow flexible
working, enabling these saving patterns
to continue.
Yvonne Eskenzi, Co-founder of
Eskenzi PR, says it’s clear that many
workers are not keen to rush back to
an office: “It all comes down to the
employers now – will most of them
allow their staff the freedom to work
flexibility? My gut feeling is that it’s
going to happen whether employers like
it or not as a revolution has happened
right under our noses.”
Personal and corporate insolvency
statistics hide true impact of COVID
CORPORATE insolvencies fell to
778 in August 2020 compared to the
previous month’s figure of 961 and are
significantly lower than they were in the
corresponding period last year (1,369).
Personal insolvencies similarly fell to
6,359 in total compared to July’s figure
of 7,330 and are significantly lower than
August 2019’s figure (8,892).
The decrease in corporate
insolvencies over August was driven by a
drop in administrations and compulsory
liquidations, while the fall in personal
insolvencies is said to have been driven
by a reduction across each of the three
main personal insolvency processes
(bankruptcies, Debt Relief Orders and
Individual Voluntary Arrangements).
Despite the falls, R3 President Colin
Haig believes there is no question
that the pandemic is taking its toll on
businesses and individuals, even though
the impact is not yet being reflected in
the figures: “With a number of temporary
Government measures aimed at reducing
insolvency numbers now coming to an
end, this situation may start to change
before long,” he says,
“The Government’s support measures
have provided vital protection for
businesses and consumers, but as they
begin to wind down and this crucial
safety net disappears, we expect to see
more requests for personal and corporate
insolvency advice and support.”
Colin says this is a worrying time for
the UK, its economy and its business
community: “Unemployment is
increasing, business debt is rising, and,
despite growth in July, the economy
is still nearly 12 percent below prepandemic
levels,” he continues.
“More big brands have announced
cuts in staffing levels over the last
month as they attempt to steer their
way through the new landscape created
by the pandemic. This, coupled with
contraction in the services sector, and
manufacturing and construction still
well behind their pre-pandemic state,
means it is a tough time for British
businesses.”
>NEWS
IN BRIEF
Lowell Results
LOWELL has announced its second
quarter results which it says
demonstrate growth across its three-key
metrics: Cash Income; Cash EBITDA; and
£120m ERC. A statement from the credit
management services business said
its performance was down to financial
prudence and increasing efficiency.
Vision On
MANAGING Editor Sean Feast FCICM
recently appeared on a media channel
in South Africa, comparing the UK
experience of lockdown with its South
African counterparts, in particular in
relation to credit and debt counselling.
“It seems that whereas volumes of
debt collected have risen and calls to
counselling services have fallen over
here, the opposite is the case in South
Africa,” he said. Sean was interviewed
by Zak King, editor of Debtfreedigi.co.za
who will be writing of the South African
experience in a future issue.
Senior appointment
AZZURRO Associates, a pioneer in
commercial debt solutions (CDS),
has appointed experienced Fintech
executive Stefan Acklam as Finance
Director. Stefan has more than 20 years’
expertise in Financial Services in the UK
and US, having recently been Finance
Director for a well-known Challenger
Bank, supporting the business through
its Prudential Regulation Authority
(PRA) approvals and successful multimillion-pound
fund raising. He has a
proven track record in building strong
finance teams, and in putting in place
the necessary financial systems and
processes demanded of a highly
regulated industry. A former senior
consultant with KPMG, Stefan was
attracted to the new role by the team and
the opportunity: “Azzurro Associates is a
well-funded business that is clearly at a
very exciting stage of its development,”
he says. (See interview with Karen
Savage, Azzurro Associates Chief
Operating Officer on page 21.)
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 7

Car finance applications provide
timely boost for motor traders
STRONG car finance application
figures and a surge in people
searching for deals online has
given motor traders a boost
as the new ‘70’ plate launches,
according to Experian.
Applications for both Personal Contract
Purchase (PCP) and Hire Purchase (HP)
agreements have been markedly higher
than during the same period in 2019 since
showrooms reopened on June 1. Pent up
demand led to an 18.6 percent increase in
car finance applications in the first three
weeks of August, following a bumper
July when applications were 27.7 percent
ahead of 2019’s figures.
September was a critical month
for motor traders who need to make
up for time lost during the enforced
closures due to the COVID-19 pandemic.
Experian’s figures show 390,000 fewer
applications for car finance have been
made in 2020 compared to last year at
the time showrooms re-opened in June.
However, trading since has cut the deficit
to 234,000.
Activity on Experian’s Marketplace,
where people can compare car finance
deals and check their likelihood of being
accepted, provides encouraging signs for
motor traders. Searches have increased
by 291 percent since the lockdown began,
suggesting many people are looking for
ways to finance a car purchase in the
coming weeks.
Gerardo Montoya, Managing Director
of Automotive at Experian, says motor
traders have been working hard to
NEWS ROUNDUP
DIRTY MONEY
recover from the lockdown period when
showrooms closed, and sales reduced to
a fraction of normal levels: “Our figures
show car finance applications have
picked up markedly since customers
returned to forecourts in June. Demand
has come from people whose income
has not been affected by the pandemic
and have money in their pockets, as well
as those who are uncomfortable using
public transport.
“The recent plate change offers a
chance for motor traders to recover
more of the sales they missed out on
during lockdown. There’s been a surge in
people searching for car finance on price
comparison websites which suggests
forecourts could be busy. Motor traders
will rely on data to understand people’s
financial situations and how they may
have been affected by coronavirus, so the
finance deals they offer are affordable for
the long term.”
SMARTSEARCH, the anti-money laundering service, has published figures to show that
the total amount of money laundered in the UK in 2019 was a staggering £325 billion.
For context, it says, this sum could buy Buckingham Palace outright 271 times, or the
White House, valued at £319 million, 1,018 times. For those interested in record-breaking
buildings and sporting landmarks, this sum of money could also pay for the world’s
tallest building, Burj Khalifa⁴, 217 times, or Wembley Stadium a staggering 271 times.
>NEWS
IN BRIEF
Kicked into touch
THE Federation of Small Businesses
(FSB) has dismissed the Government’s
new kickstart programme as being
‘more aligned to the needs of larger
businesses’ rather than SMEs. National
Chair Mike Cherry says that many of
his members are disappointed with
the plan: "Small firms, who are the
largest employers across the business
landscape, have long expressed interest
in this scheme and will be disappointed
to find it harder than expected to take
part. To put it bluntly, this scheme
has not been designed with small
businesses front of mind.”
Icing on the cake
THE Accounts Receivable Team within
the Grocery Service Centre of Associated
British Foods, has been accredited as a
CICM Centre of Excellence. A full report
on how the team attained the Institute’s
highest accolade will be included in a
future issue.
Hard wired
WIRECARD has announced it will
be winding-down its FCA-regulated
business. The business will continue to
trade while alternative arrangements are
being made with its card providers. This
action has followed ongoing events in
Germany concerning Wirecard’s parent
company, Wirecard AG, and previous
action from the FCA. Customers are
being advised to contact their card
provider if they are concerned or have
any questions.
Vacant possession
VACANCIES for unfilled Regional
Representative roles on Advisory
Council have now been filled, following
appointments made by the
Executive Board. Nick King FCICM, has
been appointed South West Regional
Representative; Matthew Roberts
MCICM is filling the West Midlands
Regional Representative post; and Atul
Vadher FCICM(Grad) has been appointed
Regional Representative for the East
of England. Profiles will appear in the
November issue.
CICM Essentials
TO stay up-to-date with all that is happening at the CICM – from qualifications to
training, and membership to events – see the weekly e-newsletter CICM Essentials.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 8

FROM THE CHIEF EXECUTIVE
False Dawns?
A sense of normality is returning to business.
AUTHOR – Sue Chapple FCICM
Sue Chapple FCICM
IT could be a false dawn, but in recent
days I’ve sensed a return to some
sort of normality in the business
world. Not a ‘new normal’ (a phrase
I have already come to detest) but
rather some of the ‘old’ normal with
a desire for human contact and a relationship
with one’s friends and colleagues which isn’t
dictated to by the vagaries of the various ‘team’
platforms.
That’s not to say that the world hasn’t
changed. Initial fears over the virus have
now morphed into a fear of litigation for
failing to provide adequate protection for
one’s employees as they return to work. That
has left some companies stymied and others
persuading themselves that ‘working from
home’ has been a great success. Has it? When
I read or hear that productivity has increased
and employee wellbeing has improved, I’m
not convinced. Productivity has improved
against what benchmark, as we’ve never been
here before? And are employees really better
off working from home? I hear just as many
stories of people desperate to return to work
for the simple need to get out of their houses
and interact with something other than a twoyear
old or a pot noodle.
RARIFIED AIR
I think of the last few months as living in
rarified air, and now we are all being jerked
back to a harsh reality. And whereas some
things have changed, others haven’t. Take
the world of collections. On the one hand, we
know – and it has been reported in this journal
previously – that collections volumes have
increased, settlements have increased, and
calls to debt advice lines have plummeted.
Given the economic crisis, this may all
sound counter-intuitive, but it appears that
many people in debt have chosen to take
advantage of furloughs, payment holidays and
a reduction in outgoings through not travelling
to work and not being able to go away to settle
up their debts and get their respective houses
in order. For they know a storm is coming.
Indeed, we all know a storm is coming, and
that’s where the reality bit comes in.
Payment holidays have helped a great many
consumers no doubt, but there is now a danger
of a new ‘division’ between the ‘have’s’ and the
‘have not’s’. Those who could, and have used
Government measures and their own change
in circumstances to address their debt levels
are likely to emerge from the crisis in a much
better place than those who did not. Those
who did not, either through misfortune,
ignorance or deliberate intent, could now
find themselves in a desperately parlous state,
and giving a whole new meaning to the word
‘vulnerability’.
Most commentators agree that this is
a period of hiatus. Payment holidays are
coming to an end. Many employees who
were furloughed are now earmarked for
redundancy. Some who were on zero-hours
contract fell between the gaps and are already
seriously struggling. The problem is that those
who can least afford to lose their jobs are
the ones who are most often impacted. Our
challenge as an industry is how do we help?
What does our response look like?
In the business world, there is also the
feeling of the Phoney War about it. The Spectre
at the Feast. Insolvency Practitioners are
predicting business failures in their hundreds
of thousands and are gearing up accordingly
to help save those they can and liquidate
those they can’t. But then not every business
or every sector is failing. Tesco, for example,
is hiring almost as many as British Airways is
making redundant. The aerospace industry is
in freefall whereas the online market has gone
inter-galactic.
Where it will all end, nobody really knows.
Do we really expect to see large corporates
abandon their London HQs wholesale and
move to the country, citing COVID-19 as a
convenient excuse for a long-held desire to
cut costs? Will the City become a ghost town?
Who can tell. All I do know, is that nothing will
surprise me either way.
Sue Chapple FCICM Chief Executive of the
Chartered Institute of Credit Management
(CICM).
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 9

INSOLVENCY SPECIAL
Fire Hazard
What happens to the Pre-Pack Pool in the light of no CIGA?
AUTHOR – David Kerr FCICM
David Kerr FCICM
PERHAPS one of the most
surprising items of news
from the summer of this
extraordinary year has been
the absence of the expected
surge in insolvency numbers.
The lockdown has certainly taken its toll on
the economy, with the rapid loss of a fifth
of our national output, but the short-term
success of the Government’s emergency
measures has saved many businesses from
going under – for now!
Those measures included the Corporate
Insolvency & Governance Act (CIGA) relief,
with its temporary reprieve from the
risks of personal liability for directors, a
halt to compulsory winding-up, and new
permanent measures intended to help
companies survive. Additionally, of course,
there were loans through the furlough
scheme which has seen Treasury cover 80
percent of wages for millions of employees.
As this support is withdrawn, Insolvency
Practitioners (IPs) expect to see an upturn in
insolvencies.
The parliamentary debate on CIGA, as
the Bill wound its way through the Houses,
provoked some of the expected broader
discussion on insolvency matters generally,
and the subject of pre-packs was amongst
those receiving an airing – notwithstanding
the absence of any provisions in the Bill on
this procedure. But in fact that was precisely
the problem, in that the Government had let
the review deadline set in the 2015 legislation
pass by in May without any announcement
of its intention one way or the other on the
need for further legislative measures.
This was picked up in the Lords’ debate,
and brought about an amendment to CIGA,
accepted by Government, to mark this
forward twelve months. We are not likely
to see pre-packs banned – not even those
to connected parties – so, with another
year in which to deliberate, what might the
Government do?
PRE-PACK POOL
The Pre-Pack Pool (PPP) was set up on the
back of a recommendation in the Graham
report to review sales to connected parties
in administrations, but it steered away
from directly second-guessing IPs’ sale
decisions and was based on voluntary
applications by prospective purchasers
– part of a suite of measures to improve
stakeholder confidence and avoid the need
for legislation. No compulsion regarding
the PPP – though Graham now supports
mandatory pool scrutiny to retain connected
party pre-packs in their present form, as PPP
usage has fallen away to the point where its
latest annual reports confirmed it had just
24 referrals in 2018 (10 percent of eligible
cases, i.e. connected party purchases from
administrators through a pre-pack), down
to eight percent in 2019. Interestingly, PPP
referrals in 2020 to end August total 27.
Arguably, there are two consequences
that may flow from this low level of activity –
one directly for the PPP, and another for the
profession as a whole. A direct consequence
A review of some SIPs
has been underway
over the summer, and
CICM has contributed
its comments with
input from the
Technical Committee,
and more recently
there have been
some developments
with the Breathing
Space proposals for
individuals in financial
difficulty.
for the PPP is potential insolvency! We
might assume the professional bodies will
stump up the necessary funds to avoid
PPP going bust, but nevertheless, a rather
embarrassing situation. However, of greater
importance perhaps is the perceived failure
of PPP to meet its objective of addressing
stakeholder (i.e. mainly, creditor) concern
about connected party pre-pack deals that
can sometimes look at least a little too cosy
to some, or generate noise about abuse
amongst others.
Assessment on whether the PPP has
failed in terms of its purpose is something
the Insolvency Service will no doubt opine
on shortly, with publication of the findings
of its review into pre-packs. It would not be
unreasonable, however, to point to the fact
that, when engaged, the PPP has done what
was asked of it. It has turned around opinions
from pool members in double-quick time,
well within its 48-hour target and usually
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 10

INSOLVENCY SPECIAL
AUTHOR – David Kerr FCICM
within 24 hours. It has reviewed 100+ cases
since its inception and most of its opinions
have concluded that the pre-pack deals were
not unreasonable in the circumstances –
sometimes going further, as in the recently
reported Everest case where the pool member
commented that the pre-pack was the best
course of action for customers and staff (hmm
– but what about creditors, do I hear you ask?).
Critics might rightly question what
happens in the 90 percent of cases that are not
referred to the PPP. How many of those deals
would pass the test of independent scrutiny?
We simply don’t know; though we do know
from IPs’ statements that there is a good level
of compliance generally, and that regulators
are looking not only at compliance but also at
the soundness of the transaction as a whole
(up to a point). And we should remember that
a pre-pack may be saving a business and jobs
when that business might otherwise cease
trading with probably a worse outcome for
creditors.
INDEPENDENT OPINION
As creditors, do you value PPP opinions, and
act upon them in decisions about future
trade? There’s little evidence for that. Are
creditors making as much noise about prepacks
now as five years ago? [A test Graham
set as a barometer for the success or otherwise
of the voluntary measures]. Perhaps not. The
number of cases remains modest, though there
has been a 40 percent increase in pre-packs
since 2015. But as the recent parliamentary
debate and some press coverage illustrates,
an aroma of doubt lingers – unhealthily so for
the profession and its reputation.
Perhaps PPP referrals could be made
compulsory to ‘prove’ the reasonableness of
the 90 percent currently unseen by the PPP?
Would that knock all the negative arguments
on the head once and for all? Particularly if
the IP were invited to submit information to
the PPP to ensure that it had all the necessary
facts? PPP comfortably has the capacity to
cope with 200+ referrals per annum.
Arguably the profession needs PPP to
succeed and be seen to do so, as it has a
symbolic presence as an embodiment of
collaboration and the profession’s willingness
and ability to respond to concerns – and an
importance in that regard that should not be
lost on those who wish to maintain the present
professional body/peer-led regulation regime
that is under threat from the next big Service
review on possible measures for a new single
regulator, and on which the Government is
due to publish its proposals later this year.
Can the profession afford to see the PPP fail?
A last thought on the PPP – we should not
underestimate the independence it provides in
the opinions given. Pool members are engaged
on a rota basis that is largely automated and
free of manipulation or undue influence
– least of all by the prospective purchaser;
yes, the purchaser pays and submits the
information (though at present the IP can,
and sometimes does, submit information as
well) – but the purchaser doesn’t choose the
reviewer and cannot easily discard or ignore
the opinion provided. As a creditor, wouldn’t
you value that independence?
LEGISLATIVE DEVELOPMENTS
There are of course other regulatory levers
besides the PPP, not least the regulatory
requirements alluded to above (principally
around transparency/disclosure) in Statement
of Insolvency Practice 16 (which sets out what
should be disclosed to all creditors and is a
summary of the transaction, why it was in
creditors’ best interests and the best option
available) and the regulators’ reviews of those
statements – though it should be noted that
not all the Recognised Professional Bodies
(RPBs) have been reviewing all of them – one
opting instead for sample reviews (less than
one in eight).
This and other figures relating to the
operations of the RPBs have been published
recently in the Service’s annual report on IP
regulation. Always a riveting read of course,
it highlights everything from the number of
inspection visits to statistics on complaints
received, and in both cases the actions taken.
It may not contain many startling facts, but
it provides transparency about the levels of
activity in the regulatory arena.
A review of some SIPs has been underway
over the summer, and CICM has contributed
its comments with input from the Technical
Committee, and more recently there have
been some developments with the Breathing
Space proposals for individuals in financial
difficulty. It was a little surprising, perhaps,
that these did not form part of the CIGA relief,
with maybe an accelerated timetable for the
introduction of these new provisions, but at
least they are on course for implementation
in May next year. Draft regulations have been
published outlining how this will work.
Remember that the 60-day breathing space
period, while individuals with problem debts
are receiving advice, will see enforcement
action from creditors halted and interest
frozen. And with redundancies following the
withdrawal of furlough, and some directors
struggling to deal with personal guarantees
on company debts, expect to see the demand
for personal debt solutions rising. No time for
that cigar!
David Kerr FCICM is an insolvency
practitioner with extensive regulatory
experience and a member of the CICM
Technical Committee.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 11

ENFORCEMENT
WELCOME
HOME?
How are CIVEA members helping
local authorities recover from the
COVID-19 pandemic.
AUTHOR – Russell Hamblin-Boone
WITH the Government
encouraging people
back to work and
schools implementing
special measures to
protect children, we are
beginning to take stock of the long-term effects
of the COVID-19 pandemic. Local authorities
that endured post-credit crunch austerity
measures have found themselves with funding
shortfalls. The Institute of Fiscal Studies
estimates that local councils in England will
have to find £2bn to cover both the response
to the coronavirus pandemic and the loss of
income from lockdown.
It is with some relief, therefore, that civil
enforcement visits have been able to resume
from 24 August, in accordance with new
Government guidelines. But it has taken a huge
effort for enforcement agents to be able to
return to work safely.
CIVEA members (who make up over 90
percent of the entire enforcement industry)
voluntarily suspended enforcement visits a
month ahead of the Government’s statutory ban.
In April, we began working on a post-lockdown
support plan and by the beginning of May had
shared our proposals with the Government.
We recognised at an early stage that to
simply restart enforcement visits once the
Government eases restrictions would not be
responsible. Therefore, our plan involved
a policy of reconnection to engage with
customers to understand how they have been
affected by the COVID-19 crisis and respond
as appropriate. CIVEA members sent template
letters to anyone who had missed a payment or
been out of contact. Repayments rates remained
high throughout the lockdown period, so it was
important to understand which people were not
keeping up their debt repayments and why.
NOTICE PERIODS
Individuals were given at least 30 days’ notice
of a visit by an enforcement agent, instead of
the usual 14 days, unless the local authority
had specific requirements. This attempt at early
re-engagement helped to prevent additional
fees being added to the outstanding debt.
In addition to communicating with
customers, we were concerned for our agents
and the public when visits restarted. To
ensure that health and safety procedures were
embedded across the industry, we designed a
bespoke training programme. This included
training on the effective use of protective
equipment and social distancing requirements,
how agents must protect themselves and those
that they encounter in the community. This
was supplemented by refresher training on
supporting vulnerable people and recognising
new features of post-lockdown vulnerability.
Over 10 weeks we have trained almost 1,700
enforcement agents on the new style of
enforcement visits.
In accordance with CIVEA safe working
practices, visits are contactless. Enforcement
agents do not enter residential premises to take
control of goods, unless there are exceptional
circumstances, and it is deemed safe for the
agent and members of the public.
The majority of enforcement payments are
made by telephone before an enforcement
agent is required to visit or after a letter has been
left. When visits are necessary, enforcement
agent practice social distancing, comply with
enhanced hygiene techniques (including
disinfecting their equipment) and are issued
with additional protective equipment. This is
in full compliance with the Government and
Public Health England advice.
The extensive preparations have proved
successful with encouraging reports from our
members about the first weeks of enforcement
visits. Enforcement firms and councils have
had a good response with people resuming
payments. Enforcement agents are reporting
that the procedures are workable and helpful.
People are appreciative that agents are taking
precautions and responding by making
payments.
ESSENTIAL VISITS
Enforcement visits are essential for councils
to be able to provide the right support to their
residents. There are no interest charges and
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 12

ENFORCEMENT
AUTHOR – Russell Hamblin-Boone
A blanket ban on
enforcement visits is a
blunt instrument that
would put more councils
in jeopardy and create
more problems.
the fees are set by the Government. Those who
oppose the resumption of enforcement are
primarily concerned about council tax debt. The
courts have a backlog, so there will be a lag of
months before overdue council tax is enforced.
The priority will be to enforce magistrates’ courts
fines, traffic offences and other penalties. Of
course, councils do not want to pursue people
who can’t pay, but we need enforcement visits,
not least to be able to identify those in need.
According to a BBC survey during lockdown
there were 150 councils at risk of financial
problems. One council reported losing £500m
each month of lockdown in parking charges
alone. A YouGov survey that we commissioned
recently showed that two thirds of the public
The courts have a
backlog, so there
will be a lag of
months before
overdue council
tax is enforced.
The priority will
be to enforce
magistrates’
courts fines, traffic
offences and other
penalties.
are worried about local services being put at
risk if people do not pay their council tax. Over
80 percent think non-payment would get worse
if councils could not use enforcement agents.
A blanket ban on enforcement visits is a blunt
instrument that would put more councils in
jeopardy and create more problems.
These are unusual times and the enforcement
sector has led the way in implementing a plan
that enables councils to recover much-needed
funds safely and responsibly, while at the same
time ensuring the most vulnerable are insulated
from the impact of the pandemic.
Russell Hamblin-Boone is Chief Executive of
the Civil Enforcement Association.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 13

Advancing the credit profession / www.cicm.com / October 2020 / PAGE 14

Advancing the credit profession / www.cicm.com / October 2020 / PAGE 15

CREDIT ECOSYSTEM
PICTURE PERFECT
The importance of telling the right credit story.
AUTHOR – Aneesh Varma
I
find myself reflecting more and more at
the moment on the need for stories. In
direct distraction to the statistic-filled
headlines we are greeted with daily,
stories can help us relax and switch off
- some light relief from the heavy world
that surrounds us.
Stories also help us to understand. They are
how we remember disparate facts and figures,
providing context to our lives and to our beliefs.
They are what we consciously or unconsciously
seek out. It’s the likely reason you picked up
this magazine and selected this article - that
intrinsically human quest for a good story.
And every one of us has a different story to
tell. Jobs, relationships, education - our choices
throughout our lives correlate with our future
- and this, in turn, shapes the financial story
we must serve to lenders when it comes to
accessing credit.
Although we don’t do we? Not really. Because
the traditional bureau data relied upon in today’s
credit ecosystem only serves some of us, not all
of us, effectively. With the right technology, and
- crucially - the right data in place, this system
can be upgraded for everyone’s benefit.
CHANGING BEHAVIOUR
This lack of clarity has been exasperated by the
recent seismic changes we’ve seen across the
credit ecosystem over the last six months.
Measures introduced to combat COVID-19 in
March had an understandably dramatic impact
on consumer credit behaviour.
We stopped buying cars (levels of new motor
finance lending extended to UK consumers
plummeted by 94 percent in the first month of
lockdown) and we were prevented from buying
houses (mortgage approvals halved in April and
fell again to just a third of ‘normal’ levels during
May).
Meanwhile, consumers who could, took
significant steps to reduce their existing
borrowing, reducing their exposure to credit
products such as credit cards and personal
loans by £18bn between February and June. We
also know that leading providers of personal
loans, credit cards and retail finance have also
written substantially less new business due to
the pandemic.
While the motor finance market had recovered
relatively quickly since the start of lockdown:
bouncing back to pre-COVID new business
levels as soon as June - providers of other
forms of consumer credit will have to be more
patient. And with shock and unpredictability
comes caution from the consumer. The OECD’s
measure of consumer confidence (a key
The best data
rests with the
consumer
themselves. We
call this firstparty
data and
it is both unique
and powerful in
offering lenders
the most
up-to-date view
of their customer
imaginable.
indicator of borrowing appetite) plummeted
between February and May, reaching levels not
seen since 2008. While confidence since then
shows green shoots of recovery, the figures
suggest that, as UK consumers, we’ll be saving
more when we can and making fewer big-ticket
purchases for the foreseeable future.
FINANCIAL DIFFICULTY
But those of us that can afford to be more
cautious are the lucky ones. Unfortunately, the
impact of COVID-19 on livelihoods is placing
many more of us into sudden and unexpected
financial difficulty. At a then unrealised but now
pivotal moment to have done so, in February
of this year Aire conducted some consumer
research to take the pulse of the consumer
credit market at that time.
Figures showed us that eight in every 10 UK
adults would have been unable to cover essential
monthly spending should they experience a 20
percent reduction in income. Even at that point,
2.4m UK consumers were slipping further into
debt each month, while another 4.1m spent
everything they earned on ‘essentials’.
We don’t need new research to know that
the situation is far worse today. 730,000 fewer
people were on UK payrolls in July compared to
March, while 9.6m had been furloughed as part
of the Coronavirus Job Retention Scheme.
The challenges of job losses and falling
incomes have already caused millions to seek
support from lenders. UK Finance figures
show that one in six mortgages were subject
to payment holidays in June. Lenders had also
granted 992,400 credit card payment deferrals,
provided 686,500 payment holidays on personal
loans and offered 27m interest-free overdrafts.
The number of unemployed will inevitably
rise as the job retention scheme is phased
out by the end of the month, causing further
difficulties for millions already struggling while
on furlough. The predictions are grim, with the
Bank of England expecting unemployment to
hit 7.5 percent this year in line with other G7
economies.
But lenders have a clear responsibility in this
climate to serve their customers proactively.
They must look for new ways to detect emerging
risks on the consumer’s behalf and must now
focus on early intervention and assistance
rather than waiting for the fog to clear to pick
up the pieces.
BALANCE SHIFT
To do this, lenders must look to the validity of
alternative data sources to help. Gathered not
from the bureaus, or from social media, but
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 16

CREDIT ECOSYSTEM
AUTHOR – Aneesh Varma
from the individual. The best data rests
with the consumer themselves. We call
this first-party data and it is both unique
and powerful in offering lenders the most
up-to-date view of their customer
imaginable. From furlough or redundancy
to an increase in hours due to a flourishing
business, first-party data provides us
with the individual set of circumstances
that contribute to the consumer’s overall
picture of financial health - or difficulty.
Most importantly, it also starts to
shift the power balance, allowing the
individual to contribute to their own story
and to have a say in how lenders perceive
their current circumstances — delivering
the system upgrade the credit ecosystem
so clearly requires.
Because now is the opportunity to focus
on building that picture of the consumer,
based on their own individual story:
how are they doing right now, not three
months or three years ago? How does he
or she view their career; the stability of
that job; their savings? What is his or her
attitude towards their finances? How does
their partner’s income impact their own
financial wellbeing?
Today, due to technology, it is possible
to gather and interpret a wealth of firstparty
information directly from the
consumer - quickly, efficiently and at
scale. This vital context augments the
view of the consumer gained through
historical sources and provides the
validated, holistic view lenders need
to treat customers fairly, understand
those experiencing difficulties, and keep
lending profitably.
In the current climate, we’ve seen
demand from lenders looking for
solutions in customer management grow.
While this need to identify a consumer’s
current affordability and risk of financial
difficulty with new data has always been
significant, it becomes critical in the
current circumstances.
Let’s return now to the importance of
a good story. When it comes to credit,
ultimately this is about translating
the individual story of each consumer
better, quicker and more easily for
lenders, based on their current financial
circumstances. The full story, the holistic
picture, the truth. Now, and in the months
ahead, we owe consumers that fairness
of representation - let’s not keep them
waiting too long.
Aneesh Varma is Founder and CEO, Aire
Aneesh Varma
Today, due to
technology, it is
possible to gather and
interpret a wealth of
first-party information
directly from the
consumer - quickly,
efficiently and at scale.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 17

Growing Pains
An anxious time ahead for the UK agricultural sector.
AUTHOR – Markus Kuger
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 18

EXCLUSIVE REPORT
AUTHOR – Markus Kuger
IN the Middle Ages, the majority
of the working population were
either farmers or farmhands. It was
an industry that sat at the heart of
Medieval economics. It may be a
far throw from today’s society, but
agriculture is arguably still one of the most
important contributors to the UK economy.
The sector is worth £120bn and employs
approximately 4 million people.
For centuries farming has traditionally
been a family enterprise and most agricultural
businesses in the UK today are still classified
as ‘micro’ businesses. Dun & Bradstreet data
shows that these micro businesses make up
95 percent of the active business population
within the agricultural sector.
Many of these businesses are well
established and our data indicates that more
than half have been in operation for 20 years,
with 15.2 percent of business being over a
decade old according to Dun & Bradstreet’s
proprietary data. As seasoned businesses,
many within the sector will have survived and
learnt from significant events and evolution in
the industry such as swine flu, Mad Cow disease
and TB outbreaks, the outcry over genetically
modified crops, and a rise in demand for plantbased
products. In addition to the current
COVID-19 situation, farmers are also facing
changes to subsidies and regulations due to
Brexit.
But the repercussions of Brexit and
COVID-19 mean that farmers and the
agricultural industry are facing turbulent
times, including changes to subsidies and
regulations. The Medieval foundations of
farming are being shaken to the core and
placing pressure on farmers to adapt to an
evolving environment and assess the potential
risk and opportunity for their business as they
move into the next decade.
FINANCIAL HEALTH
The turbulence in the market over the past
few years and especially recently, has resulted
in some casualties. According to Dun &
Bradstreet’s proprietary data, the number of
UK farming businesses has dropped in the last
four years from 100,198 to 95,317. However,
the number of corporate liquidations in the
sector have stayed relatively flat over the past
two years – although this may change as the
full impact of COVID-19 and the UK’s exit from
the EU becomes clearer.
Positively, our data shows that payment
behaviour in the agriculture industry is
higher than average for the UK, with a higher
percentage of payments being made promptly
by the industry. The amount of bills being paid
on time has risen by 5.5 percent to 57.2 percent
between May 2017 to May 2020.
Payment performance for the agricultural
sector in Scotland is the highest across the UK,
60%
40%
20%
0%
Percentage of Business by Age as of May 2020
0
1-5
6-10
Business Age in Years
with just under three quarters (74.7 percent) of
payments made on time. Performance worsens
in areas such as Yorkshire, the South East,
South West and North East, but bills are still
being paid at the average rate.
In contrast, the payment performance
of agricultural business in regions such as
Northern Ireland, Greater London, Greater
Manchester, West Midlands and Wales is below
the national average. The latest data shows
positive trends across the industry including
an improvement in prompt payments,
increasing tangible assets and tangible net
worth and a year-on-year increase in sales
of 19 percent, potentially driven by higher
demand for locally sourced food throughout
the pandemic.
However, the high demand throughout
the pandemic is likely to be short-lived as
the UK will enter a deep recession and we
are predicting UK real GDP will contract by
almost ten percent in 2020. This will have an
effect on household incomes and the longterm
demand for food is expected to decrease.
The rising number of failing businesses is also
concerning given the economic importance of
the sector and debt levels steadily increased
since 2017 with profits decreasing by a third (36
percent) over the same period.
Brexit and COVID-19 are only adding to the
challenges faced and the industry faces yet
more turbulent time and are going to have to
be even more astute in their financial decisions
going forward in order to survive the pending
recession and sluggish economic environment.
THE IMPACT OF BREXIT
The uncertainty of the UK’s exit from the EU
and potential end of free trade across Europe is
weighing heavily on the agricultural industry
with decisions still pending on subsidies, trade
arrangements and labour mobility.
11-20
20+
With one eye on
the future, the New
Trade and Agriculture
Commission recently
announced a set of new
trade policies to better
identify and open up
opportunities for UK
farmers, especially for
SMEs.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 19
continues on page 20 >

EXCLUSIVE REPORT
AUTHOR – Markus Kuger
First, agricultural exports to Europe have doubled over
the decade to £22bn making it the country’s fourth largest
exporting sector. Any change to export arrangements
could have a significant impact on the financial health
of farming businesses. For example, one third of British
lamb is currently sold to the EU. Should UK-EU trade be
conducted under World Trade Organization rules from 1
January 2021 on, high tariffs and quotas would weigh on
the competitiveness of UK farmers (but would also shield
the country from some imports).
Second, the UK’s agricultural industry relies on
international employees to help bolster the seasonal
workforce. This year it’s estimated that the industry will
need to find 70,000 additional seasonal workers to meet
demands.
For instance, Bulgarian employees were flown in at
the beginning of lockdown to help work on UK farms
and prevent a food shortage. If access to this type of
temporary labour resource was no longer available, it
would be harder for farmers to meet demands.
With one eye on the future, the New Trade and
Agriculture Commission recently announced a set
of new trade policies to better identify and open up
opportunities for UK farmers, especially for SMEs.
THE IMPACT OF COVID-19
The COVID-19 pandemic has also had an impact on the
agriculture industry. Stockpiling in supermarkets caused
the demand for farming and food manufacturers to
skyrocket. However, some areas of agriculture have taken
a blow. Dairy farmers, for instance, have seen a decrease
in demands due to the closure of restaurants and cafes
who would usually be a big source of income for them.
Worryingly, recent developments in the hospitality
sector do not bode well for the agricultural sector.
Several casual dining chains including Café Rouge, Zizzi,
Bella Italia and Ask, either went into administration,
have announced outlet closures or are seeking buyers
as footfall is still significantly down despite the gradual
easing of lockdown measures. Casual dining chain Prezzo
(which had recorded a pre-tax loss of almost GBP30m
in 2018) had only opened 35 of its 180 restaurants until
mid-July as demand was too low to justify opening more
outlets. With social distancing measures likely to stay in
place for the foreseeable future, pressure on the sector
will remain elevated during 2020-21 with knock-on
effects for British farmers.
As we look ahead to the end of lockdown, the outlook
for the agriculture industry is uncertain. A recent rural
report found 80 percent of respondents said they expect
profits to fall in 2020, with more than a third (35 percent)
stating the disruption would be significant.
It’s no doubt an anxious time for many. But if we
look back once more to the agriculture of the Middle
Ages, farmers living with fewer resources overcame and
survived widespread disruption such as epidemics and
revolts. With more data and knowledge at their fingertips
to identify risk and opportunities, the future is not all
bleak for the farming industry and it’s likely that most
businesses will weather the storm.
60%
40%
20%
0%
Prompt Payments on Average
by the Agriculture Industry
May
2017
May
2018
May
2019
May
2020
It’s no doubt an anxious time for many.
But if we look back once more to the
agriculture of the Middle Ages, farmers
living with fewer resources overcame
and survived widespread disruption
such as epidemics and revolts.
Markus Kuger is Chief Economist, Dun & Bradstreet.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 20

INTERVIEW
LEGALLY
SPEAKING
Sean Feast FCICM talks to Karen Savage
about litigation, mathematics and the
dream of becoming a buyer for Gucci.
KAREN Savage says she went
into Law because she was great
at English and mediocre at
maths: “My father worked in
finance and was always very
disappointed that neither my
sister nor I inherited his gift for numbers.”
Born in Steyning, West Sussex to an English
mother and an Italian father, Karen remembers
growing up in a house that was nicely chaotic:
“Both parents were very entrepreneurial, my
mother ran her own business while my father
worked for Bernie Ecclestone, the motor racing
chief. This meant he worked very long days and
nights and during his holidays as part of that
team. I may not have inherited my father’s gift
for numbers, but I did inherit my parents work
ethic and my father’s love of high-performance
cars. Though having children meant my cars
became more sensible over the years!”
At a local Grammar School, Karen was among
the last of her cohort to take ‘O’ Levels before
progressing to ‘A’ Levels and the possibility
of university. Careers’ advice at that time had
been virtually non-existent (“I can’t recall if
they had any at all,” she laughs), although Karen
fancied herself working in advertising or PR: “I
always used to love Coca Cola advertisements
at Christmas and was fascinated by the concept
of customer recognition, creating brand loyalty
and customer ease of purchase.
As it was, Karen opted for a different path:
“One of my ‘A’ Levels was Law and whilst taking
a year off after 6th form to travel and consider
university I saw an advertisement for a job as a
litigation assistant at Winchester City Council.
It was a role that included studying for an ILEX
(Institute of Legal Executives) qualification
which meant I could earn and learn at the same
time. I loved that idea so applied.”
LEGAL AFFAIRS
The job gave Karen early exposure to a broad
range of legal affairs, from drafting and serving
Tree Preservation Orders (TPOs) on centuries’
old Oaks on high valued estates through to
Forfeiture Proceedings, Insurance Claims
against the Council, Local Authority Right-to-
Buy schemes and commercial debt recovery.
It was the work she did specifically in debt
recovery that she enjoyed most and decided
to make her career. When the Bournemouthbased
legal practice Lester Aldridge was hiring
for a Litigation Assistant in their Commercial
Team, she jumped at the chance: “This was
back in 1992, and the role also included ILEX
training as part of the package,” she recalls. “I
really enjoyed working in private practice in a
full-service law firm and gained all my litigation
and insolvency experience in my early years at
the firm.”
After finishing the ILEX qualification (in
1996) Karen’s ambition grew and she decided
she would like to become an Equity Partner
(receiving an equity stake in the firm’s profits):
“In most large law firms the path to partnership
is about winning work, managing client
relationships and leading high-performing
teams delivering the legal services. It can take
typically six years or so after qualification to
achieve, depending on the firm. To progress, I
recognised that I had to have the equivalent of
a law degree.”
This presented Karen with something of a
challenge. To convert the ILEX Qualification
to a degree she had to attend Bournemouth
University for three hours (09-00 - 12-00) daily.
The Department Head at Lester Aldridge said it
just wasn’t possible to study for a degree whilst
also working full time and do either well. At
that time, she had been tasked by the firm to
put together a business plan for building and
developing a commercial debt proposition for
target clients. They didn’t reckon on Karen’s
passion: “Nothing is likely to inspire me more
than telling me I can’t do something,” she jokes.
As it was, she persuaded them she could
do both, working from 07:00 until 09:00 in
the morning, before disappearing for three
hours at University, and then returning and
working through to 19:00. It was a gruelling
schedule, but one in which she was determined
to succeed. And she did, passing with a
commendation and elevated immediately
to salaried Partner status at Lester Aldridge.
Later in the same year Karen embarked on her
Masters and during that same period won one of
the largest commercial debt recovery contracts
in the UK worth more than £1m per a year to
the firm.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 21
continues on page 20 >

INTERVIEW
AUTHOR – Sean Feast FCICM
As a result of that significant client win,
at the age of 26, Karen fulfilled her ambition
of becoming an Equity Partner the following
year. “Whether you make it or not as an
equity partner is all driven by the volume
of income you bring into the business and
winning a huge debt recovery contract worth
more than £1 million a year was (then) the
largest client win for the firm.
“This was a pivotal moment in my career
as Lester Aldridge was a well-known and
respected regional firm but at that time was
dealing mainly with local client. However,
the commercial debt recovery team became a
major player dealing with national blue-chip
clients across the UK and really punching
above its weight.”
Karen spent 20 years at Lester Aldridge
during which time she took over
responsibility for the Banking and Finance
Team, and latterly all Litigation Teams at
the firm. Karen was approached on several
occasions to join national law firms but
declined: “I started my family quite late in
life, and the timing was never quite right to
make a move,” she says.
However, when one of those suitors,
Shoosmiths, approached her for a second
time, she decided to go: “A large part of my
career had been at Lester Aldridge but it
felt the time was right to make the move.
Shoosmiths was looking to build and grow
its B2B recoveries team and it was an exciting
opportunity. Joining a national law firm
like Shoosmiths as an Equity Partner with
its fantastic client base was too good an
opportunity to turn down.”
SENSE OF CHANGE
Karen left Lester Aldridge with Paula Swain,
Chris Moody and others (see interview Credit
Management, April 2020) and the rest is
history: “I thoroughly enjoyed my time at
Shoosmiths, and it remains the best firm I
have worked in,” she adds.
During her time at Shoosmiths, Karen
introduced Azzurro Associates as a new
client, working closely with the CEO, Andrew
Birkwood. In 2019 Andrew asked Karen to
join him, both as Chief Operating Officer of
the commercial debt management solutions
provider but also – with a dual role as Chief
Operating Officer of Azzurro Associates but
also tasked with setting up and building a law
firm, Azzurro Law.
Joining Azzurro, in many ways, was Karen’s
dream job: “It is a business focused purely
in the commercial debt space which I love,
and we are bringing unique and innovative
products to the market.
“I am in a sector that I know well and
drawing on all the experience gained in law
firms over the years. I am helping Andrew
and the team here build and develop the
business. I feel extremely fortunate at this
stage in my career to work with a small team of
ambitious, passionate and driven colleagues
who are all committed to delivering the very
highest standards of customer service and
excellence.”
Karen is certainly busy, supporting Andrew
with new business origination at Azzurro
Associates as well as setting the litigation
and collection strategies for the portfolios
they buy. This includes managing the 16 DCA
and law firms on their panel and managing
external client and partner relationships:
“After 28 years in recoveries, I still get a buzz
around collecting money,” she says, “and
wanting to do a good job for the client.”
IMPRESSIVE PROGRESS
Karen has also built Azzurro Law, based at
Southampton Parkway, and is pleased with
progress so far. The Solicitors Regulation
Authority (SRA) approved the company’s
Alternative Business Structure (ABS) license
in June. Azzurro Associates and Azzurro Law
are owned by a $41 billion dollar Fund, and
Karen really enjoys the challenge of working
in the fast paced investment world: “A law
firm structure is very different, as it has
many owners in its equity partners,” she says.
“At Azzurro the flexibility, speed of decision
making, and ideas implementation is unlike
anything I’ve experienced in my career.”
Importantly, Karen stresses, the work
that Azzurro Law performs is not limited to
Azzurro Associates’ own portfolios. It also
actively seeks and works for client’s needing
commercial debt recovery services. Azzurro
Law has two distinct teams, one team that
services the Azzurro Associates portfolios,
and the other that works directly for Azzurro
Law’s Commercial Clients.
Litigation, while a strategy that drifts
in and out of fashion in consumer circles,
prompted largely by the whims of politicians
and the media, has remained comparatively
steadfast in B2B. As Karen says, while it
remains an essential part of an overall debt
recovery strategy, it is still important only to
litigate those cases if it is the right thing to
do.
“Azzurro Law specialises in B2B recoveries
and we have been litigating throughout
COVID-19, on the right cases,” she adds,
“and although enforcement was paused
for several months, that has not prevented
us from litigating cases in the appropriate
circumstances.”
She does say, however, that lines are
becoming increasingly blurred between
‘commercial’ and ‘consumer’ debt, especially
when it comes to dealing with smaller
businesses: “Vulnerability has always been
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 22

INTERVIEW
AUTHOR – Sean Feast FCICM
be but this is uncharted waters for us all. As the
furlough scheme ends, and Government support
falls away, we will no doubt find ourselves
working closely with customers through their
difficulties and finding the right solutions for
all involved. Communication has always been
important, but it will be more important than
ever in the future.”
PROUD ASSOCIATION
As regards the CICM, Karen is proud of her
association with the Institute and is an active
supporter of its training and qualifications.
She says the CICM is a tremendous source
of learning and knowledge: “In Azzurro Law
we recruit and mold people in the way we
want them to be and that means supporting
them through training and exams with ILEX
(now CILEX) and the CICM,” she continues.
“A team invariably performs well if they feel
invested in, and I always like to promote from
within.”
This passion for learning extends to other
paths of thinking, and in particular what advice
she would give to her younger self if starting
out again today. Actually, as it transpires, it’s not
a million miles away from what she ended up
doing anyway. University, she says, is not always
the right answer: “Over the years I have seen
many intellectually bright trainee lawyers who
can advise clients on the letter of the law, but
who struggle with providing concise commercial
advice tailored to the client’s circumstances.
Sometimes getting practical experience from an
early age is an advantage.”
While building the team is a full-time job,
and innovation remains her passion, Karen still
finds time for a few outdoor pursuits, including
Paddle Boarding and Kayaking – when the
beaches in her hometown of Poole aren’t overrun
with day-trippers. She also likes to indulge
in her other passions of interior design, travel
and shopping. “Who knows,” she says, “if I
started out all over again, I could have been a
buyer for Gucci.” Let’s hope her maths would
have been up to it.
an issue and continues to be,” she explains.
“Our clients are of course concerned about
their reputational risk and when collecting
from a sole trader or small business we have to
be aware of their particular circumstances and
exercise forbearance when we can. The days
of legal firms sending out blanket winding up
petitions for anything over £750 just to show
how tough they were has long since gone.”
Of the future, there is plenty of uncertainty,
notably around customers’ ability to pay: “It is
a business environment we have never been in
before, so it is difficult to predict the outcome,”
Karen continues.
“During the credit crunch, it was in many ways
easier to understand what impact there would
“It is a business focused purely
in the commercial debt space
which I love, and we are bringing
unique and innovative products
to the market.’’
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 23

COUNTRY FOCUS
Poland is a perfect
example of time
influencing political
change
Mind your Language
PRESENT day Poland is known
for a number of things, not least
of which is its food, the opening
days of World War II, and where
Lech Walesa, and his trade union
Solidarity, opened fissures in the
Communist Bloc that partly led to the downfall
of the Soviet Union.
But look further back in time and it becomes
eminently clear that Poland in its current form
is a recent construct; that its history is long and
reaches back to the Iron Age.
Poland is a perfect example of time influencing
political change. At its zenith in the late 16th
century Poland was one of the largest European
powers, but it ceased to exist after 1795 following
invasions and a carving up of its territory by the
Russians in the east, the Prussians to the west
and the Habsburgs in the south. The short-lived
Second Polish Republic established after World
War I ceased to exist in 1939 and come ‘liberation’
in 1945 the Soviet Union used Poland as a buffer
satellite state.
It wasn’t until 1989 that the Third Polish
Republic came into existence and Poland became
truly independent. The last 31 years have seen
radical change in Poland, especially so since its
accession to the European Union in 2004. And
despite the politicking in recent months with
regard to the presidential election where the
incumbent Andrzej Duda won after a second
round of voting, Poland is stable.
POLAND BY NUMBERS
While a country – any country – is more than its
numbers, basic geographic and demographic
statistics help to set the scene.
Geographically, Poland is set deep in the heart
of Europe. With a landmass of 312,685 km2, it’s
larger than the UK with just 242,495 km2 and is
ranked sixth in Europe behind France, Spain,
Sweden, Germany and Finland. It’s 38.1m people
put Poland in fifth place in the EU’s population
table, just four places behind Germany’s 80.4m.
As a comparator, the UK has around 66.6m
inhabitants. Poland is highly urbanised with
some 60 percent living in towns and cities. That
said, Polish cities aren’t huge by UK standards.
The capital Warsaw tops the list with some
1.79m residents. It is followed by Krakow with
a population of 779,115, Lodz with 679,941 and
Wroclaw with 642,896. Tenth in the list is Bialystok
with ‘just’ 297,554 inhabitants. To make the
‘Poland
stands out as a
European growth
champion. With
an uninterrupted
pace of high
growth averaging
4.2 percent per
annum between
1992-2019'
point, Sheffield is the UK’s 10th largest city with
706,000 while London is first with around 9.3m.
Unlike a number of other European countries,
Poland has a strong national identity with an
equally strong Polish diaspora spread around the
world. According to the 2011 census, just under
97 percent of the population considers itself
Polish. There’s also a multitude of ethnicities and
cultural subdivisions that include Jews, Tatars,
Armenians, Greeks, Germans and Vietnamese.
ECONOMIC POWER
A graph citing World Bank data, but published
by Trading Economics, illustrates just how the
Polish economy has come on since accession
to the European Union. Between 1996 and 2004
its GDP hovered between $140-200bn. But the
following five years saw growth rise almost
exponentially to $533bn (2008) before dropping
back – following the global financial crisis – to
$439bn (2009). Since 2011, however, GDP has
fluctuated between $528bn and $587bn.
Growth has been phenomenal and as
Euronews noted: ‘Poland stands out as a European
growth champion. With an uninterrupted pace
of high growth averaging 4.2 percent per annum
between 1992-2019, Poland is steadily catching
up with Western Europe and has become the
seventh largest economy in the EU.’
It appears that Poland’s position is a result of a
large domestic market, strong economic reform
and an EU-centric set of policies. Beyond that is
an entrepreneurial landscape full of SMEs and a
strong competitive advantage over its European
neighbours. It should be noted at this point that
Poland is not only part of the EU’s external border
but is also a member of the free-movement
Schengen Area, the UN and NATO, the OECD, the
Three Seas Initiative, the Visegrad Group and the
G20.
KEY SECTORS
According to a June 2019 China-CEE Institute
briefing, agriculture is one of the biggest
sectors in the Polish economy which employs
around 12.7 percent of the workforce, some
1.46m workers. But big doesn’t necessarily mean
financially powerful – Eurostat data indicates
that agriculture, forestry and fisheries (in
2018) created just 2.4 percent of Polish GDP. It
should be said that agriculture is predominantly
privately owned in the form of small farms up
to five hectares. Only seven percent of privately-
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 24

COUNTRY FOCUS
AUTHOR – Adam Bernstein
owned farms are greater than 15 hectares in size.
Next comes energy, trade and manufacturing. Last
year (2019) Poland was the world’s 9th largest producer of
coal – some 57 megatons of brown coal and 78 megatons
of hard coal. While most is used domestically, renewable
energy is becoming ever more important as solar, wind
and hydroelectric power have each recorded significant
growth in recent years.
Beyond energy, comes trade and manufacturing,
especially in the fields of automotive, food, metallurgy,
machinery and electromechanical industry, transport,
textile and clothing. Collectively these sectors employ
over 31 percent – 5.25m – of all employees in Poland.
While mining and mineral processing employs
82,700 workers, automotive production has around
130,000 workers and produces around 800,000 to 900,000
light vehicles a year. It accounts for 11 percent of total
industrial output and about 4 percent of the country’s
GDP. The automotive sector in Poland, in particular,
prospered after the country became part of the European
Union; its annual exports are valued at over €15.7bn or 16
percent of the country’s total exports.
But in common with many developed countries,
the biggest part of Polish economy is its service sector
which employs around 9.46m. Apart from tourism (an
understated but growing part of the economy) – this
large group includes civil servants, emergency services,
educationalists and the traditional service businesses
such as entertainment and hospitality. It surprises many
that Poland apparently sees more than 19m tourists, a
number – coronavirus aside – which seems to rise every
year.
MARKET OPPORTUNITIES
A natural question to ask is what does Poland actually
import – where are the market opportunities?
Data published and analysed by World’s Top Exports
(which cites raw data from the US Central Intelligence
Agency, the IMF and International Trade Centre), the
top ten product groups in Poland’s import purchases
during 2019 were, in order: machinery including
computers: US$33.3bn (12.7 percent of total imports);
electrical machinery, equipment: $32.3bn (12.3 percent);
vehicles: $26.2bn (10 percent); mineral fuels including
oil: $20bn (7.6 percent); plastics and plastic articles:
$14.9bn (5.7 percent); iron and steel: $9.1bn (3.5 percent);
pharmaceuticals: $7.5bn (2.9 percent); optical, technical,
medical apparatus: $6.2bn (2.4 percent); articles of iron
or steel: $6bn (2.3 percent), and paper and paper items:
$5bn (1.9 percent).
These imports accounted for over 61 percent of
everything that the country bought from overseas
sources. The data shows that growth categories were
electrical machinery and equipment which rose by five
percent from 2018 to 2019; optical, technical and medical
apparatus (up by 4.3 percent) and machinery including
computers (up 0.6 percent).
Masuria, Poland.
According to a June 2019 China-CEE
Institute briefing, agriculture is one of the
biggest sectors in the Polish economy
which employs around 12.7 percent of the
workforce, some 1.46m workers.
SETTING UP SHOP
As with the UK, there are a number of forms of
commercial enterprise in Poland that range from the sole
trader, partnerships and corporations. There is also the
option for branch offices and representative offices. In
summary, a sole tradership carries personal liability and
requires no initial capital. The business must be registered
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 25
continues on page 26 >

COUNTRY FOCUS
AUTHOR – Adam Bernstein
with Central Economic Activity Register and
Information and the business is exempted
from compulsory social insurance for the
first six months of operation.
A limited partnership requires two or
more natural or legal persons and requires
no share capital. One partner carries
unlimited liability while the other partner(s)
are liable to their limited liability level and
what was owed on their joining. A limited
joint stock partnership is similar except that
it requires minimum capital of PLN 50,000
– general partners carry unlimited liability
while shareholders are not liable beyond
their holding unless their name is part of the
business identity.
A limited liability company is just that and
requires ownership by one or more natural
or legal persons who cover a minimum
share capital of PLN 5,000. Management can
be held liable for debts that belong to the
company. A simple joint stock company is
similar in liability but is designed for startups
and requires just PLN 1 share capital;
liquidation is simple. At the other end of the
scale is joint stock company for large scale
operations. Minimum share capital is PLN
100,000 and management are not liable for
company obligations.
Under Polish law, a branch office has a
separate identity to the entrepreneur and
a foreign owner can carry out the business
in Poland that it carries out elsewhere.
Operation requires entry into the Register of
Entrepreneurs of the National Court Register
with submission of appropriate translated
documents. A representative office is a
subordinate entity of the entrepreneur
and needs to on the Register of Foreign
Entrepreneurs’ Agencies.
There are also rules relating to the
acquisition of real estate and permits are
required for operating in certain sectors
such as alcohol, carriage of goods, iron and
steel, veterinary medicine, gaseous fuels.
Old Town Wroclaw, Poland.
LABOUR CODE
As for employees, the main source of
governance is to be found in the Polish
Labour Code and legislation. In essence,
the code protects those in employment
contracts and makes provision for special
groups (such as pregnant workers who
cannot be laid off, work overtime, at night
without consent, and those within four
years of retirement age). Contracts have to
be written with detail on provisions – fines
await rule-breaking employers.
The code generally allows a maximum
eight-hour day with a 40-hour working week
and a minimum 11 hours rest in any 24-hour
period. Statutory holiday is set at 26 working
days a year (20 days for those with less than
10 years’ service). Firms with 50 or more
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 26

COUNTRY FOCUS
AUTHOR – Adam Bernstein
workers must inform workers of their
right to form a worker’s council which
must be consulted on key business
matters.
Discrimination is banned on a
similar basis to the UK. However,
sexual harassment is covered under
discrimination law. The compensation
that can be awarded starts at a minimum
of the statutory minimum wage (PLN
2600).
Maternity leave varies according to
the number of children a woman bears –
from 20 weeks for one child to 37 weeks
if five or more are born. Paternity leave
is set at two weeks until the child is two
years old.
Poland has its own version of the
transfer of undertakings legislation and
so employees transfer on a business sale;
they cannot be dismissed as a result of
the sale. That said, an employer can
terminate for another reason and then
attempt to re-employ on new terms.
Termination notice varies according
to length of service – two weeks for less
than six months service; one month for
six months or more of service; three
months for three or more years of service.
TAXATION CHALLENGES
Corporate Income Tax (CIT) applies to
limited liability companies and joint
stock companies at a rate of 19 percent.
However, a lower rate of nine percent
applies to non-capital revenues and
revenues generated in the tax year below
the Polish equivalent of €2m. For limited
partnerships, Personal Income Tax (PIT),
not CIT, applies.
The Polish VAT is harmonised with
that of the EU. Nevertheless, there are
four tax rates – a basic 23 percent for
the majority of goods and services;
eight percent for specific goods and
services (such as goods related to health
protection, groceries and hotel services);
five percent for some farm produce;
and zero for (in the main) export and
intra-Community supply of goods and
international transport services.
But as with the UK, Polish VAT is
not simple and there is an exemption:
‘Small entrepreneurs’ are exempted if
ex-VAT sales do not exceed PLN 200,000
in the previous tax year – pro rata if they
start business part way through the tax
year. Exemptions do not apply to goods
made of precious metals, goods subject
to excise tax (except for electricity,
tobacco products and passenger cars),
construction sites, new means of
transport, legal or consultancy services.
Every natural person must pay PIT.
However, the Polish system allows some
taxpayers to choose how. Under general
rules, income is taxed at 17 percent and
32 percent above incomes of PLN 85,528;
there’s the option of a flat rate of 19
percent for those running businesses as
a sole trader or partnership; a lump sum
(depending on activity); or via tax card
from the tax office. Dividends are taxed
at 19 percent.
There are three notable tax reliefs
for individuals – Innovation Box which
uses a 5 percent rate on income derived
from intellectual property rights related
to taxpayer activity; R&D relief which
allows the deduction of eligible costs;
and an exemption for those under 26
years from paying tax on income below
PLN 85,528.
IN SUMMARY
Poland is a great place to do business,
but language difficulties may need
overcoming. The gov.pl website – search
for ‘Entrepreneur’s Matters’ – is helpful in
signposting the way on most regulatory
matters, but users will come across
‘English’ webpages that are written in
Polish; a good translator is, in other
words, almost essential.
Adam Bernstein is a freelance
business writer.
Poland is bordered by the
Baltic Sea, Lithuania, and
Russia's Kaliningrad Oblast to
the north, Belarus and Ukraine
to the east, Slovakia and the
Czech Republic to the south, and
Germany to the west.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 27

www.tcmgroup.com
Probably thebest debt collection network worldwide
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Advancing the credit profession / www.cicm.com / October 2020 / PAGE 28

CAREERS ADVICE
OPEN ALL HOURS?
What’s in store for our world of work over the
next few months?
AUTHOR – Karen Young
THERE has been much in the
news recently about offices
reopening and what our world
of work is shaping up to look
like as the situation with the
pandemic continues to evolve.
The pace of change remains rapid across
industries not least in credit management, so
in a bid to get a more concrete picture of where
the industry is heading over the next few
months, we reached out to credit professionals
to find out what the major trends are and what
we can expect to see unfold.
1. SKILLS SHORTAGES ARE STILL RIFE
A lack of access to the right skills is not a
new phenomenon across credit and the
wider finance industry and according to our
findings, they look set to remain for the near
future. About a third (35 percent) of employers
in credit say they have all the skills they
need in their team to meet organisational
objectives. The top specialist skills they need
are largely unchanged and include finance
and operations.
However, perhaps more than ever employers
are seeking credit professionals with the right
balance of specialist skills and soft skills. The
ability to adopt change came out as the top soft
skill employers in the industry look for which
is unsurprising considering the events of this
year. Change is inevitable, and this year has
shown that we need to be equipped for this
when it happens at pace.
Regardless of whether you are looking for
a new job, take the time to reflect on how we
have adapted in recent months. Consider how
to take these lessons forward to make your
skillset as desirable as it can be.
2. HIRING ON THE RISE
Earlier on in the year, hiring activity had
obviously slowed down on a large scale as
employers dealt with the immediate impacts
of the pandemic. However, now roughly six
months on from lockdown, hiring intentions
are on the rise with a fifth (20 percent) of
employers in credit saying they are currently
recruiting, compared to 11 percent surveyed
in May.
Considering this pick-up, competition for
some of the more in-demand skills will be
even more acute than they were before, so
if you are looking for a job currently I would
advise carefully tailoring your CV to highlight
the skills that are needed currently in the
industry. Even if you aren’t looking for a new
role, thinking long-term about the direction
you might need to upskill in will help you keep
up with the direction of the profession.
3. VIEWS DIFFER ON THE RETURN TO
THE WORKPLACE
As lockdown restrictions ease, workplaces
are gradually reopening albeit with reduced
capacity and social distancing measures in
place. Only time will tell what the typical work
setup will be in a few months’ time, but we
do know that there is a strong preference for
hybrid working – whereby employees work
part in the office and part remotely. Over half
(52 percent) of employers expect this to be the
case in the next six months, and 46 percent of
employees also say this is their preferred way
of working.
While it’s highly unlikely that the world
of work will return to the way it was before
the pandemic, there are signs that the credit
profession is returning to some semblance of
normal and taking steps to gear up for the next
few months.
As well as gearing up for the next few
months, I also think this is an opportunity to
reflect on our triumphs and indeed shortfalls
over the summer and apply the lessons we’ve
learned in order to be in the best position to
move forward in the next few months.
Karen Young is the Director of Hays
Accountancy & Finance
2m
As lockdown restrictions ease, workplaces are gradually
reopening albeit with reduced capacity and social distancing
measures in place. Only time will tell what the typical work
setup will be in a few months’ time.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 29

INTERNATIONAL
TRADE
Monthly round-up of the latest stories
in global trade by Andrea Kirkby.
In line for online boozing
ONLY those living under a rock could have
failed to notice that the world of online
is beating physical retail into a pulp, with
Amazon leading the charge.
India is a case in point. It recently
saw Amazon start online alcohol deliveries
in the country (specifically to West Bengal’s
population of 90m). But now Walmart’s
e-commerce platform Flipkart has joined
the party, linking up with HipBar, an online
presence backed by spirits giant Diageo, to
deliver alcohol in two Indian states.
These behemoths clearly want to tap into
an alcohol market that is worth $27.2bn.
According to Reuters, ‘Flipkart customers
will be able to place orders for their
favourite tipple, which HipBar will then
deliver after collecting products from retail
outlets, according to a person with direct
knowledge of the matter.’ Online alcohol
won’t ever be a national proposition for
India since some states, such as Gujarat,
ban alcohol retail. Even so, if you’re involved
in alcohol or online delivery systems, now
is the time to expand your horizons to
the sub-continent as Indian consumers
are increasingly buying everything from
groceries to electronics online.
Hair today but hopefully
not gone tomorrow
MEN are shaving less and so producers of male
grooming products have had to look elsewhere
for profit; it appears that haircare is the sector to,
excuse the pun, grow.
According to management consultancy
McKinsey, haircare is huge with the entire global
beauty sector generating an estimated $500bn
a year in sales. Grand View Research thinks
that the haircare sector is growing around three
percent a year and it’s helped by influencers
and celebrities. But this isn’t just a western
phenomenon – the rapid growth of the middle
class in emerging markets, particularly in Asia,
has led to a boom in personal grooming and
beauty items.
A study by market research group Mintel in
November 2018 suggests that large personal-care
companies are generally becoming more adept at
understanding how the attitudes of consumers
in emerging markets differ from those in the rest
of the world and adjusting their products to take
account of this. Any exporter that serves this
sector, who is willing to understand the nuances
of local markets and adapt products accordingly,
could do rather well especially if they target
premium products which can genuinely help
combat hair loss.
TURKEY TO ISSUE MEDITERRANEAN EXPLORATION LICENCES
THIS could be good news or bad
news depending on which side of the
fence you sit. Turkey is to issue gas
exploration and drilling licences in
the eastern Mediterranean as it seeks
greater energy independence.
While this will be good news to
those that supply the exploration
sector, anyone trading with both
Greece and Turkey – overtly – could
be caught up in rising tensions.
Both nations are NATO allies, but
they disagree about overlapping
claims on resources in the eastern
Mediterranean. Tread carefully and
be alert to political sensitivities when
talking to clients in either of the two
nations.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 30

River deep dam high
LOOK at the Earth from above and you’d
assume that with so much water it’s
inconceivable that some go thirsty. But
with just one percent of water potable
and accessible it’s easy to see where that
conflict can arise.
Take Ethiopia, as highlighted by the
Wall Street Journal. Its Prime Minister
has said that negotiations with Egypt
and Sudan were progressing well and
there could soon be an agreement over
the country’s hydroelectric dam on one
of the Nile River’s tributaries following
a decade-long dispute over river
management. According to the publication,
‘the Grand Ethiopian Renaissance Dam
was announced in 2011 and has raised
tensions with Sudan and Egypt since,
even prompting threats of war. Ethiopia
maintains that the $4.8bn dam, located
on the Blue Nile, will provide electricity
to rural areas of the country, but Egypt
sees the project as a “potential existential
threat” that could siphon off water crucial
to its 100 million people.’
Very simply, growing populations
and climate change will make water
management an increasingly urgent
priority in many areas. If you’ve the
expertise, make hay while the sun shines.
US tariffs as erratic
as the President
PRESIDENT Trump could have four more
months in office or another four years and
four months left if he wins a second term.
Even so, while some view his actions as
erratic, others such as the Scotch whisky
industry are just bothered that the UK
Government seems slow in fighting tariffs
that he has imposed. Gin and beer have
escaped his ire but Scotch now has a 25
percent levy placed on its single malt. And
clothing manufacturers have also been
caught in the crossfire between Brussels
and Washington.
The point to note is that while Trump is
unpredictable, if COVID-19 has illustrated
anything, it’s that the world is becoming
more protectionist as Governments guard
domestic job and industries in light of
rising unemployment. And again, Trump
has illustrated this through an offer of tax
credits to US firms that re-shore factories
out of China back to the US.
Meating new product demands
ACCORDING to the UN Food and Agriculture
Organisation, global meat production fell in
2019 and may well fall further in 2020. Why?
People are dining out less and so are eating
less meat. The question is, could this be the
thin end of the wedge?
With rising interest in vegetarianism
and veganism, meat production and
consumption may well have seen its peak.
But there is more to the story since not all
SO, the UK has left the EU. But could other
EU member states follow if the UK doesn’t
falter post-Brexit? Well, according to a poll
commissioned by Euronews, Italy could
be next to consider exiting the European
Union if Brexit proves to be beneficial to
Britain.
Data from a Redfield and Wilton
Strategies survey for Euronews found that
nearly half of Italians questioned would
be likely to support their country leaving
the EU if the UK and its economy were
regarded to be in good health five years
from now.
As for France and Spain, both were a
middling risk for an EU departure while
Germany was the least likely of the big
four member states to consider leaving the
Union.The poll sought the opinion of 1,500
people in each of the big four countries
(6,000 people in total) in mid-July, and
EXIT STAGE LEFT?
meat is considered the same by consumers.
Demand for beef is down but chicken is up
with greater market share.
Food producers and farmers may want
to consider what they invest in so that
they produce and export more of what the
world is craving – poultry and veggie foods.
Fundamentally, if red meat is key to your
existence, plan for change; in time you could
find your market shrink and over supply.
comes hot on the heels of the formation of
a new anti-EU party in Italy.
In percentage terms, 45 percent of
Italians would seek to leave, 38 percent of
French, 37 percent of Spanish and just 30
percent of Germans. It’s notable that the
survey found that a good number of those
polled in France (45 percent) and Italy (43
percent) all agreed that that the UK would
prosper outside of the bloc. In contrast,
just 35 percent of Spaniards believed
Brexit would ultimately be a success for
the UK, while only 31 percent of Germans
agreed to some extent.
What does this mean for exporters?
Keep a watching brief on your European
markets and customer base. While
statistics can be used to prove almost
anything, never say never, for just over
four years ago we were firmly inside
Europe.
Japan trade deal
REUTERS has reported that, finally, Britain
and Japan have agreed core elements of a
post-Brexit bilateral trade deal which the
two hope to seal in principle soon.
This story is short however, precisely
because the detail is light…apart from
a Government comment that ‘we have
reached consensus on the major elements
of a deal, including ambitious provisions
in areas like digital, data and financial
services that go significantly beyond the
EU-Japan deal.’
If we take Wikipedia’s entry on the
subject, that’s now 54 countries down and
141 still to negotiate with. Worryingly, of
those deals signed, signatories include
the Faroe Islands, Lebanon, the Palestine
Authority and Kosovo. Big hitters are
missing.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 31

Introducing your Executive
Board of Trustees
The new team has combined experience spanning
almost two centuries.
AUTHOR – Sean Feast FCICM
ELECTIONS to the CICM
Executive Board have been
completed and new Officer
appointments confirmed:
Debbie Nolan FCICM(Grad)
has been appointed
Chair; Phil Rice FCICM appointed
Vice Chair; and Glen Bullivant FCICM
remains as Treasurer. In addition,
other elected Executive Board Trustees
are Larry Coltman FCICM, Victoria
Herd FCICM(Grad) and Phil Holbrough
MCICM.
Debbie is the UK CEO of global
financial solutions company, Arvato.
She has been a graduate member of the
CICM for over 25 years and has worked in
the credit industry for more than 30 years
in a number of different roles for high
profile organisations, predominantly
focused on consumer credit, recoveries
and collections. Debbie has represented
Consumer Credit on the CICM Advisory
Council since 2016 and has served as
Vice Chair on the Executive Board for the
last two years.
In being appointed Chair Debbie says
she is honoured: “I’d like to think that
I’ve been able to utilise the experience
that I have gained in my ‘day job’ to help
support and shape the CICM over the
last two years and will continue to do so
in the future. We need a collaborative,
forward thinking Executive Board more
than ever to tackle the challenges of a
post-pandemic period that is likely to
have a lasting impact on our industry.”
As Vice Chair, Phil Rice, Head of
Credit at Aggregate Industries UK, has
more than 40 years of experience and is
a passionate supporter of diversity and
inclusion and encouraging women in
credit to achieve senior opportunities.
“We face many challenges which
require strong and informed leadership,”
he says.” I have experience, passion and
a good understanding of the commercial
B2B trade credit environment and
will bring energy, enthusiasm and
experience to support the CICM, the
Chief Executive, the Advisory Council
and the Executive Board.
Glen Bullivant FCICM, CCM(Germany),
a credit professional since Nelson lost his
eye (his words. Ed), has served the CICM
(and ICM in its former incarnation) as
Chairman, Vice Chairman, Treasurer,
Advisory Council and Executive Board
Trustee for several years as well as
representing CICM on the Council of
FECMA.
“The next two years will be critical for
the Institute and its members, as the UK
(and the rest of the world) struggles to
recover from the COVID-19 pandemic,”
Glen says. “The CICM is at the forefront
of business recovery and by serving
on the Executive Board, I hope to help
cement the financial soundness of
the Institute, enabling enhanced and
relevant services for all members. I am
committed to ambitious progress and see
the role of the Executive Board as a pool
of expertise and experience able to guide
and support the Chief Executive and the
whole HQ team in their endeavours. It
remains an honour and privilege to be a
member of the Board, and I bring to it a
good many years’ experience from both
within and without.”
Victoria Herd FCICM(Grad) combines
her roles on the CICM Advisory Council
and Executive Board with being Director
at debt collection agency, Hilton-Baird
Collection Services, where she works
with businesses of all sizes to improve
their credit management performance
and efficiency.
“I’m very much looking forward to
continuing my role on the Executive
Board and am delighted to be appointed
for a second term. It is a huge honour to
represent the CICM in this way and to
play such an important role.
“Credit management professionals are
clearly facing extraordinary challenges
at this difficult time, and the CICM will
be vital in providing valuable support,
guidance and mentoring to help our
members in their roles. I’ll continue
to champion the CICM at every turn,
raise awareness of its excellent work
throughout the business community,
promote best practice and help members
to improve performance and enhance
their careers.”
Phil Holbrough MCICM is a
Commercial Credit Manager with more
than 25-yeas experience, notably within
the construction and manufacturing
sectors. He has been a member of the
CICM for 15 years and is a Committee
member and current Chair/Co-Treasurer
of Yorkshire Ridings Branch of CICM. An
Advisory Council member for two years,
he has now been elected to the Executive
Board 2020.
“I am excited to be elected to the
Executive Board of the CICM as this
offers a seasoned credit manager like
me the opportunity to see the inner
workings of the Institute and its ideology,
and accurately reflect this to the wider
membership via branch activities,” he
says. “As this is a two-way street it also
allows me to present the thoughts and
concepts of grass roots members to the
Executive Board as a possible ingredient
in the future operations of the CICM
- ensuring continued relevance to the
membership.”
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 32

’
EXECUTIVE BOARD
Debbie Nolan FCICM(Grad) –
Chair
“I’d like to think that I’ve
been able to utilise
the experience that I
have gained in my ‘day
job’ to help support and
shape the CICM over the
last two years and will
continue to do so in
the future.”
Phil Rice –
Vice Chair
“I have experience,
passion and a good
understanding of the
commercial B2B trade
credit environment
and will bring energy,
enthusiasm and experience
to support the CICM, the
Chief Executive.’’
Glen Bullivant FCICM –
Treasurer
“The CICM is at the
forefront of business
recovery and by serving
on the Executive Board,
I hope to help cement
the financial soundness
of the Institute, enabling
enhanced and relevant
services for all members.’’
Victoria Herd FCICM(Grad) –
Executive Board Trustee
Phil Holbrough MCICM –
Executive Board Trustee
Larry Coltman FCICM –
Executive Board Trustee
“I’m very much looking
forward to continuing
my role on the Executive
Board and am delighted to
be appointed for a second
term. It is a huge honour to
represent the CICM in this
way and to play such an
important role.’’
“I am excited to be elected
to the Executive Board of
the CICM as this offers a
seasoned credit manager
like me the opportunity to
see the inner workings of
the Institute and accurately
reflect this to the wider
membership.”
“I am delighted to be
re-elected as a member
of the Executive Board.
Serving is an honour and
a privilege but brings
with it responsibilities as
the CICM enters the next
phase both during and
post-COVID-19.’’
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 33

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Advancing the credit profession / www.cicm.com / October 2020 / PAGE 34

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Advancing the credit profession / www.cicm.com / October 2020 / PAGE 35

Appointment |
Credit Academy Trainer
You
Are a passionate expert in credit management.
Are an inspiring trainer, coach and mentor.
Would love the opportunity to shape and influence
the credit talent in industries across the world.
We
Are the world’s largest recognised
professional body for the credit industry.
Are building our training team, thanks to the
recent success of CICM Training.
Have ambitious plans for the future.
Working for the CICM Credit Academy, the learning delivery arm of
the CICM, the new Credit Academy Trainer will enhance the capability
and competencies of CICM members, individuals and credit teams by
designing and delivering training programmes and products.
And there has never been a more exciting time to join our team.
Go to cicm.com/vacancies for a full role description and how to apply.
You have until the end of September.

NEW
FEATURE
PANEL BASHERS
Ship to Shore
In our new series, we ask a panel of credit management
experts to answer some of our readers’ biggest questions.
Does
off-shoring
Accounts
Receivable
work in a
pandemic?
Panellist Nigel Fields
FCICM
COVID-19 has probably impacted every business across
the globe. One area of major concern and possible
disruption is the uncertainty of using a Business Process
Outsourcing (BPO) model especially if it’s off-shore.
The varying infection rates across every country will
make it virtually impossible to get any kind of plan and
consistency if ‘off-shoring.’ Different country rules and regulations
vary widely and are not easily understood either by the organisation
or their customers. This makes managing the ‘off-shore’ BPO extremely
difficult and with so much uncertainty creates a sizeable risk for the
business. This has exposed a huge (probably previously unknown) risk
and weaknesses that was not considered in the past.
We all know that one of the key benefits of BPO outsourcing is
the potential to tap into a skilled workforce and often in countries
with lower staff costs. This however diminishes the levels of control
an organisation might exert over this remote BPO workforce. It also
completely nullifies any ability to change local statutory employment
rules or other laws. The cost benefit is always a major attraction,
but it needs to also be weighed up against the much-increased focus
with working alongside a BPO partner. One must both ensure good
productivity and reliable services. It’s essential to have a good, strong
governance model.
Even with the best governance in place, and amid this pandemic,
the BPO sectors will have really struggled to ensure their workforce is
able to transition to a working-from-home model. This will have been
a humongous (if not, impossible) task, especially in countries where
conditions are really not conducive to a WFH model; poor internet and
telephone connectivity and ensuring the correct controls and security
are in place for clients or even just expecting their employees to have
room and facilities at own homes to provide a service is a huge ask. I
suspect that many BPO employees may have been forced to adapt to
highly irregular working arrangements.
I am absolutely certain that we will start to see both BPO and
their clients aggressively look to ‘de-risk’. COVID-19 will have had a
significant impact on outsourced arrangements. Going forward, I think
that BPO provider’s will transition towards providing more automated
and technical services using Robot Process Automations (RPA) and
Artificial Intelligence (AI). Client organisations will need to pay close
attention to their critical functions and possibly look to bring these
back in-house or maybe find ‘on-shore’ partners where they will have a
much better understanding of local rules and regulations.
Thinking outside the box has never been more important. De-risking
will be essential for businesses to ensure their operations continue
smoothly and without interruptions and disruptions.
NIGEL FIELDS FCICM
A career in credit management spanning more than 30 years, Nigel is now a
senior consultant with a new start-up company TheBossCat.com which provides
knowledge, skills and various services to a wide range of businesses. Nigel spent
20 years working for Twentieth Century Fox International Film Corp. starting out
in its UK business as Credit Manager and rising to Executive Director for Credit,
responsible for (O2C) Order to Cash across Fox’s entire international business
portfolio. Prior to Fox, he worked as the Credit Manager at Hornby Hobbies and
a Credit Controller for GEC. Nigel says: “I attribute much of my career success to
the CICM community where I am always able to draw upon knowledge and skills
from the extensive array of members and partners.”
If you’d like to join our panel of
experts, or if you have a question
to ask, contact the editor at
sfeast@gravityglobal.com
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 37

PAYMENT TRENDS
Calm before the storm
Payment Trends – An Analysis of the UK during
the past six months.
AUTHOR – Jason Braidwood FCICM(Grad)
THE COVID-19 pandemic has certainly
been chaotic for businesses and the
disruption has caused problems in
all areas of business. Setting up home
offices and adapting to a new way of
working has provided many challenges
including those faced by credit and collection teams.
With businesses losing footfall and their usual
income streams, businesses trying to hold onto cash
reserves and simply not being able to get in contact
with finance, credit and collections teams etc, have
struggled with the ‘new’ normal.
When looking at the UK by location it is evident that
nowhere has fared well during the pandemic with all
regions suffering increases in late payments. Northern
Ireland looks to have been hit the hardest hit with late
payments increasing by 36 percent since March with a
DBT going from 13.2 to 20.6, likewise with Yorkshire &
Humberside showing an increase of 28 percent. East
Anglia and the London regions look to have stemmed
the flow of late payments with only slight increases of
six percent and seven percent respectively.
Having reviewed the collections activity within
the UK as a whole, there was a trend during June
whereby many of the leading industries saw spikes
within late payments and whilst this looks to be
stabilising, there has still been a 24 percent increase in
days beyond terms (DBT) within the aforementioned
industries since March. There have been some
improvements however, with notable drops in DBT for
the International Bodies and Financial and Insurance
industries. The highest rises occurred within the
Education and Business from Home industries rising
from 6.7 to 29.5 (77 percent) and 11.3 to 32.2 (65
percent) respectively.
In the latest news with more COVID-19 cases rising
again over the last week or so, there is a question to
be asked if the DBT in both regions and sectors can
reduce to what they were at the end of March 2020
at the start of the pandemic when the average DBT
across the regions was 11.8 and peaked during the
month of June at 17.2. A similar spike occurred in June
2020 when the average DBT across all sectors hit 17.9
from 12.4 in March. Most likely these spikes would
have been customers asking their suppliers for either
extended payment terms or to enter into payment
plans to sustain their cash flows.
As mentioned, August has seen every region with
exception of Yorkshire and Humberside get better but
is this the calm before the storm and are we facing very
choppy waters in Q3 and Q4? With the Government
furlough scheme ending in October will businesses
have enough funds to continue to meet their debts on
time?
Jason Braidwood is Head of Credit and Collections at
Creditsafe Group.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 38

PAYMENT TRENDS
Data supplied by the Creditsafe Group
Top Five Prompter Payers
Region Aug 20 Change from Jul 20
South West 13.2 -1
East Anglia 13.7 -1.8
Scotland 14 -3.4
Wales 14 -1
West Midlands 14.1 -4.4
Bottom Five Poorest Payers
Region Feb 20 Change from Jan 20
Northern Ireland 20.6 -0.5
South East 17.2 0
Yorkshire and Humberside 16.2 0.4
East Midlands 15.1 -4.1
North West 14.7 -2.4
Getting Worse
Education 15.9
Business from Home 10.6
Health & Social 9.6
Mining and Quarrying 3.8
Public Administration 2.8
Financial and Insurance 2.3
Dormant 0.8
Getting Better
Hospitality -9.6
Transportation and Storage -6.6
Real Estate -6.4
Entertainment -6.1
Energy Supply -5.6
International Bodies -5.6
Agriculture, Forestry and Fishing -5.5
Professional and Scientific -5.4
Other Service -3.5
Construction -3
Top Five Prompter Payers
Sector Feb 20 Change from Jan 20
Financial and Insurance 7 2.3
Agriculture, Forestry and Fishing 8.6 -5.5
Wholesale and retail trade 11.3 -1.4
Public Administration 11.5 2.8
Hospitality 11.6 -9.6
IT and Comms -2.7
Manufacturing -2.5
Business Admin & Support -2.4
Wholesale and retail trade -1.4
Water & Waste 0.1
Bottom Five Poorest Payers
Sector Feb 20 Change from Jan 20
Business from Home 32.2 10.6
Education 29.5 15.9
Mining and Quarrying 28.1 3.8
Health and Social 20.8 9.6
Dormant 18.5 0.8
SCOTLAND
-3.4 DBT
Region
Getting Better – Getting Worse
-4.4
-4.1
-3.4
-2.4
-1.8
-1
-1
-0.9
-0.5
0
0.4
West Midlands
East Midlands
Scotland
North West
East Anglia
South West
Wales
London
Northern Ireland
South East
Yorkshire and Humberside
NORTHERN
IRELAND
-0.5 DBT
SOUTH
WEST
-1 DBT
WALES
-1 DBT
NORTH
WEST
-2.4 DBT
WEST
MIDLANDS
-4.4 DBT
YORKSHIRE &
HUMBERSIDE
0.4 DBT
EAST
MIDLANDS
-4.1 DBT
LONDON
-0.9 DBT
SOUTH
EAST
0 DBT
EAST
ANGLIA
-1.8 DBT
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 39

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W: www.onguard.com
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accountants avoid credit risks, manage debtors
and access finance when they need it – all in
one platform. Satago integrates with 300+ cloud
accounting apps with just a few clicks, helping
businesses:
Understand their customers - with RISK INSIGHTS
Get paid on time - with automated CREDIT CONTROL
Access funding - with flexible SINGLE INVOICE FINANCE
Visit satago.com and start your free trial today.
T: 020 8050 3015
E: hello@satago.com
W: www.satago.com
HighRadius is a Fintech enterprise Software-as-a-Service
(SaaS) company. Its Integrated Receivables platform
reduces cycle times in the Order to Cash process through
automation of receivables and payments across credit,
e-invoicing and payment processing, cash allocation,
dispute resolution and collections. Powered by the RivanaTM
Artificial Intelligence Engine and Freeda Digital
Assistant for Order to Cash teams, HighRadius enables
more than 450 organisations to leverage machine
learning to predict future outcomes and automate routine
labour intensive tasks.
T: +44 7399 406889
E: gwyn.roberts@highradius.com
W: www.highradius.com
Bottomline Technologies (NASDAQ: EPAY) helps
businesses pay and get paid. Businesses and banks
rely on Bottomline for domestic and international
payments, effective cash management tools, automated
workflows for payment processing and bill review
and state of the art fraud detection, behavioural
analytics and regulatory compliance. Every day, we
help our customers by making complex business
payments simple, secure and seamless.
T: 0870 081 8250
E: emea-info@bottomline.com
W: www.bottomline.com/uk
Dun & Bradstreet Finance Solutions enable modern
finance leaders and credit professionals to improve
business performance through more effective risk
management, identification of growth opportunities,
and better integration of data and insights
across the business. Powered by our Data Cloud,
our solutions provide access to the world’s most
comprehensive commercial data and insights
supplying a continually updated view of business
relationships that help finance and credit teams
stay ahead of market shifts and customer changes.
T: (0800) 001-234
W: www.dnb.co.uk
Key IVR provide a suite of products to assist companies
across Europe with credit management. The
service gives the end-user the means to make a
payment when and how they choose. Key IVR also
provides a state-of-the-art outbound platform
delivering automated messages by voice and SMS.
In a credit management environment, these services
are used to cost-effectively contact debtors and
connect them back into a contact centre or
automated payment line.
T: +44 (0) 1302 513 000
E: sales@keyivr.com
W: www.keyivr.com
With 130+ years of experience, Graydon is a leading
provider of business information, analytics, insights
and solutions. Graydon helps its customers to make
fast, accurate decisions, enabling them to minimise
risk and identify fraud as well as optimise opportunities
with their commercial relationships. Graydon
uses 130+ international databases and the information
of 90+ million companies. Graydon has offices in
London, Cardiff, Amsterdam and Antwerp. Since 2016,
Graydon has been part of Atradius, one of the world’s
largest credit insurance companies.
T: +44 (0)208 515 1400
E: customerservices@graydon.co.uk
W: www.graydon.co.uk
Tinubu Square is a trusted source of trade credit
intelligence for credit insurers and for corporate
customers. The company’s B2B Credit Risk
Intelligence solutions include the Tinubu Risk
Management Center, a cloud-based SaaS platform;
the Tinubu Credit Intelligence service and the
Tinubu Risk Analyst advisory service. Over 250
companies rely on Tinubu Square to protect their
greatest assets: customer receivables.
T: +44 (0)207 469 2577 /
E: uksales@tinubu.com
W: www.tinubu.com.
Building on our mature and hugely successful
product and world class support service, we are
re-imagining our risk awareness module in 2019 to
allow for hugely flexible automated worklists and
advanced visibility of areas of risk. Alongside full
integration with all credit scoring agencies (e.g.
Creditsafe), this makes Credica a single port-of-call
for analysis and automation. Impressive results
and ROI are inevitable for our customers that also
have an active input into our product development
and evolution.
T: 01235 856400
E: info@credica.co.uk
W: www.credica.co.uk
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 40

Each of our Corporate Partners is carefully selected for
their commitment to the profession, best practice in the
Credit Industry and the quality of services they provide.
We are delighted to showcase them here.
THEY'RE WAITING TO TALK TO YOU...
Hays Credit Management is a national specialist
division dedicated exclusively to the recruitment of
credit management and receivables professionals,
at all levels, in the public and private sectors. As
the CICM’s only Premium Corporate Partner, we
are best placed to help all clients’ and candidates’
recruitment needs as well providing guidance on
CV writing, career advice, salary bench-marking,
marketing of vacancies, advertising and campaign
led recruitment, competency-based interviewing,
career and recruitment trends.
T: 07834 260029
E: karen.young@hays.com
W: www.hays.co.uk/creditcontrol
The Atradius Collections business model is to support
businesses and their recoveries. We are seeing a
deterioration and increase in unpaid invoices placing
pressures on cashflow for those businesses. Brexit is
causing uncertainty and we are seeing a significant
impact on the UK economy with an increase in
insolvencies, now also impacting the continent and
spreading. Our geographical presence is expanding
and with a single IT platform across the globe we can
provide greater efficiencies and effectiveness to our
clients to recover their unpaid invoices.
T: +44 (0)2920 824700
W: www.atradiuscollections.com/uk/
Shoosmiths’ highly experienced team will work
closely with credit teams to recover commercial
debts as quickly and cost effectively as possible.
We have an in depth knowledge of all areas of debt
recovery, including:
• Pre-litigation services to effect early recovery and
keep costs down • Litigation service • Insolvency
• Post-litigation services including enforcement
As a client of Shoosmiths, you will find us quick to
relate to your goals, and adept at advising you on the
most effective way of achieving them.
T: 03700 86 3000
E: paula.swain@shoosmiths.co.uk
W: www.shoosmiths.co.uk
Forums International has been running Credit and
Industry Forums since 1991 covering a range of
industry sectors and international trading. Attendance
is for credit professionals of all levels. Our forums
are not just meetings but communities which
aim to prepare our members for the challenges
ahead. Attending for the first time is free for you to
gauge the benefits and meet the members and we
only have pre-approved Partners, so you will never
intentionally be sold to.
T: +44 (0)1246 555055
E: info@forumsinternational.co.uk
W: www.forumsinternational.co.uk
Improve cash flow, cash collection and prevent late
payment with Corrivo from Data Interconnect.
Corrivo, intelligent invoice to cash automation
highlights where accounts receivable teams should
focus their effort for best results. Easy-to-learn,
Invoicing, Collection and Dispute modules get collection
teams up and running fast. Minimal IT input required.
Real-time dashboards, reporting and self-service
customer portals, improve customer communication
and satisfaction scores. Cost-effective, flexible Corrivo,
super-charges your cash collection effort.
T: +44 (0)1367 245777
E: sales@datainterconnect.co.uk
W: www.datainterconnect.com
Serrala optimizes the Universe of Payments for
organisations seeking efficient cash visibility
and secure financial processes. As an SAP
Partner, Serrala supports over 3,500 companies
worldwide. With more than 30 years of experience
and thousands of successful customer projects,
including solutions for the entire order-to-cash
process, Serrala provides credit managers and
receivables professionals with the solutions they
need to successfully protect their business against
credit risk exposure and bad debt loss.
T: +44 118 207 0450
E: contact@serrala.com
W: www.serrala.com
American Express® is a globally recognised
provider of business payment solutions, providing
flexible capabilities to help companies drive
growth. These solutions support buyers and
suppliers across the supply chain with working
capital and cashflow.
By creating an additional lever to help support
supplier/client relationships American Express is
proud to be an innovator in the business payments
space.
T: +44 (0)1273 696933
W: www.americanexpress.com
C2FO turns receivables into cashflow and payables
into income, uniquely connecting buyers and
suppliers to allow discounts in exchange for
early payment of approved invoices. Suppliers
access additional liquidity sources by accelerating
payments from buyers when required in just two
clicks, at a rate that works for them. Buyers, often
corporates with global supply chains, benefit from
the C2FO solution by improving gross margin while
strengthening the financial health of supply chains
through ethical business practices.
T: 07799 692193
E: anna.donadelli@c2fo.com
W: www.c2fo.com
Esker’s Accounts Receivable (AR) solution removes
the all-too-common obstacles preventing today’s
businesses from collecting receivables in a
timely manner. From credit management to cash
allocation, Esker automates each step of the orderto-cash
cycle. Esker’s automated AR system helps
companies modernise without replacing their
core billing and collections processes. By simply
automating what should be automated, customers
get the post-sale experience they deserve and your
team gets the tools they need.
T: +44 (0)1332 548176
E: sam.townsend@esker.co.uk
W: www.esker.co.uk
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 41

INTRODUCING OUR
CORPORATE
PARTNERS
For further information and to discuss the
opportunities of entering into a Corporate
Partnership with the CICM, please contact
corporatepartners@cicm.com
The Company Watch platform provides risk analysis
and data modelling tools to organisations around
the world that rely on our ability to accurately predict
their exposure to financial risk. Our H-Score®
predicted 92 percent of quoted company insolvencies
and our TextScore® accuracy rate was 93
percent. Our scores are trusted by credit professionals
within banks, corporates, investment houses
and public sector bodies because, unlike other credit
reference agencies, we are transparent and flexible
in our approach.
T: +44 (0)20 7043 3300
E: info@companywatch.net
W: www.companywatch.net
‘‘
CICM offered the
prospect of qualifications,
but as soon as I became
a member, loads of other
opportunities came to
light that I hadn’t initially
realised were available.
Molly Kane
ACICM
Chris Sanders Consulting (Sanders Consulting
Associates) has three areas of activity providing
credit management leadership and performance
improvement, international working capital
improvement consulting assignments and
managing the CICMQ Best Practice Accreditation
programme on behalf of the CICM. Plans for
2019 include international client assignments in
India, China, USA, Middle East and the ongoing
development of the CICMQ Programme.
T: +44(0)7747 761641
E: chris@chrissandersconsulting.com
W: www.chrissandersconsulting.com
Operating across seven UK offices, Menzies LLP is
an accountancy firm delivering traditional services
combined with strategic commercial thinking. Our
services include: advisory, audit, corporate and
personal tax, corporate finance, forensic accounting,
outsourcing, wealth management and business
recovery – the latter of which includes our specialist
offering developed specifically for creditors. For
more information on this, or to see how the Menzies
Creditor Services team can assist you, please
visit: www.menzies.co.uk/creditor-services.
The value
of CICM
membership
Molly Kane ACICM
AR Credit and Collections Manager
Stuart Delivery Ltd
Read more about her story and join your
credit community by visiting:
www.cicm.com/value-of-cicm-membership/
T: +44 (0)2073 875 868 - London
T: +44 (0)2920 495 444 - Cardiff
W: menzies.co.uk/creditor-services
info@cicm.com
www.cicm.com
01780 722900
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 42

presents
www.ddisoftware.co.uk
sales@ddisoftware.co.uk
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 43

Advancing the credit profession / www.cicm.com / October 2020 / PAGE 44

OPINION
Mind over Matter
Additional powers are needed to keep pace with
marketing tactics used by intermediaries.
AUTHOR – Michelle Thorp
Michelle Thorp
AS stated by the mental
health charity Mind, one
in four adults in England
experiences a diagnosable
mental health condition
in any one year. According
to the Money and Mental Health Policy
Institute, half of those in problem debt in
England (debt that they are unable to pay
back) also have a mental health problem.
In a survey conducted by the institute, of
nearly 5,500 people with experience of
mental health problems, 86 percent said
that their financial situation had made
their mental health problems worse.
Mental health is already a key issue in
today’s society that many are working to
address in different settings, and it has
taken on particular weight during the
response to COVID-19. Across financial
services, firms and other organisations
have brought, and are bringing, mental
health and vulnerability into focus
amongst stakeholders.
In the insolvency profession and
related groups such as the creditor
community, working with vulnerable
people is part of the job. As many of us will
know, identifying vulnerability amongst
clients and other stakeholders often isn’t
easy. To address this responsibility, we at
the IPA support the adoption of a clear
vulnerability procedure, with a process
for identifying vulnerable clients. This
process may include the establishment
of mental health specialists whose
training and experience can be drawn
on, as well as expanded staff training on
vulnerability. Organisations may also look
to tailor contact methods and make any
other reasonable adjustments.
ESSENTIAL ADVICE
There are multiple solutions available to
people who find themselves in debt, each
with their own terms, designed to apply
to a range of situations. In some cases,
there can be serious consequences from
defaulting on such agreements, which
the individual must consider before
committing to a particular solution.
Those in debt and deemed as vulnerable
can, through no fault of their own, be
exposed to the risk of signing up to an
unmanageable plan to repay their debt,
through a poor level of advice having been
given. This is of particular concern to us
at the IPA. We also pay attention to how
debt solutions are marketed.
As well as our current
work to support the
oversight of the debt
advice sector and protect
vulnerable individuals,
the IPA is lobbying for
additional powers to
act in this space, as the
market has developed
beyond what the
regulation can achieve.
Insolvency firms and debt charities give
initial advice to prospective clients, and
there exists a number of ‘introducer’ firms
who act as intermediaries between the
prospective client and insolvency firms.
The introducer firms offer advice before
making a recommendation as to the debt
solution that would suit the client’s needs
and referring them on to an insolvency
firm. Working with introducer firms
can form part of insolvency practitioner
marketing.
The IPA became concerned about
the level of advice offered by introducer
firms, and we subsequently made it a
requirement of members of our Volume
Provider Regulation (VPR) scheme to only
use introducer firms that are regulated
by the Financial Conduct Authority
(FCA). The VPR scheme, which I have
referred to in previous articles, regulates
most of the largest providers of personal
debt solutions in the UK and covers the
majority of UK insolvencies. It requires
of its members far greater transparency,
monitoring and data sharing than any
other firms in the insolvency sector. We
are looking to open up the scheme to
other insolvency firms.
The UK Government is expected
to legislate to make it compulsory for
introducer firms to be FCA authorised,
in a move that, where required, should
raise the level of debt advice provided
by these firms. The Scottish Government
recently published a report into the
use of Protected Trust Deeds (PTDs), a
Scottish debt solution that is covered by
our VPR scheme. We were pleased to note
the recognition given to the IPA in the
report in being the first to introduce this
measure.
In a move that we support, Google has
acted to put a stop to introducer firms
appearing at the top of search results for
debt advice. While it is fine for introducer
firms to provide advice, we would
recommend debt charities as a first port
of call.
We have recently seen activity to
dodge Google’s new restrictions, involving
more layering of advice from websites
that directly mimic or blatantly copy the
free sector and charitable organisations.
The client is then packaged through an
FCA regulated company and on to an
Insolvency Practitioner. This is deeply
concerning activity, especially with
vulnerable people in mind. These websites
are not under the IPA’s jurisdiction as an
insolvency regulator, but we are keen to
see this practice curtailed.
As well as our current work to support
the oversight of the debt advice sector and
protect vulnerable individuals, the IPA is
lobbying for additional powers to act in
this space, as the market has developed
beyond what the regulation can achieve.
While the vast majority of Insolvency
Practitioners are duly diligent in the
marketing they employ, we continue to
closely monitor this area. In doing this,
we work with the FCA and the Advertising
Standards Authority (ASA) where
appropriate, and with consideration of
vulnerable individuals as a key concern.
Michelle Thorp is CEO, Insolvency
Practitioners Association.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 45

EDUCATION & MARKETING
CICM Virtual Training is an ‘access anywhere’ range of interactive, online training
courses, designed to give you the skills and tools you need to thrive in your credit
work. Each training course offers high quality approaches to credit-related topics, and
practical skills that can be used in your workplace. A highly qualified trainer, with an
array of credit management experience, will guide you through the subject to give you
practical skills, improved results and greater confidence.
These are pre-recorded training
sessions that you can access
anywhere and at anytime. Short,
sharp and to the point – these suit
you if you are short on time, or need
a quick introduction or update on a
subject.
These are live, interactive sessions,
delivered virtually by a qualified trainer,
experienced in the subject. Through
a series of tasks and discussions, you
will access a hands-on training session
that offers the best practice approach to
essential credit and debt skills.
MEET YOUR TRAINER: Jules Eames FCICM(Grad); PGCE, is a qualified teacher,
trainer and credit manager with experience in credit and debt specialisms across the
O2C spectrum and ancillary businesses, in consumer, B2B and export markets.
INTRODUCTORY PRICE £90.00+VAT per person.
For group training, please contact info@cicm.com
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 46

$
Advancing
Careers
Advancing
Best Practice
Advancing
Connections
Advancing
Skills
Advancing
Thinking
Advancing
Business
ADVANCING THE
CREDIT PROFESSION
01780 722900 | www.cicm.com
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 47

AWARDING BODY
LEVEL 3 DIPLOMA IN CREDIT MANAGEMENT (ACICM)
NAME
Heather Bauer
Jack Colvin
Ajay Dulay-Kainth
Wendy Hall
Christopher Hardman
Karolina Houchot
Rebecca Houghton
Aleesha Martin
Danny Martin
Bjorn Reichmann
CONGRATULATIONS
Congratulations to all of the following,
who successfully achieved Diplomas.
Vivienne Rushworth
Therese Siene
Katrina Thomas
Christopher Turner
Deborah Williamson
Christopher Deering
Dumitru Marocico
Louise Martin
Rachel Savage
James Doyle
Samantha Goulding
Janice Abbott
Alexis Child
Andreea-Cristina Cireap
Amy Crow
Kelly Firth
Christopher Moore
Emily Palmer
Kiri Tredgett
LEVEL 3 DIPLOMA IN CREDIT & COLLECTIONS (ACICM)
NAME
Karen Woolley
Christa Smith
Leigh Bell-Roberts
Jason Bond
Louise Brailsford
James Hall
Gemma Heyes
Lesley Perryman
Steven Radley
Christa Smith
Leigh Bell-Roberts
Jason Bond
Louise Brailsford
James Hall
Gemma Heyes
Lesley Perryman
Steven Radley
LEVEL 4 DIPLOMA IN HIGH COURT ENFORCEMENT
NAME
Andrew Coates
Morgan Sheldon
LEVEL 5 DIPLOMA IN CREDIT MANAGEMENT (MCICM(GRAD))
NAME
Mark Bumpsteed
Michelle Cawley
LEVEL 5 DIPLOMA IN CREDIT & COLLECTIONS MANAGEMENT
(MCICM(GRAD))
NAME
Teelah Ford Anna Harrison Samantha Hill
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 48

www.cicm.com
‘‘
Since being a
member I am kept
updated on latest changes
to laws and regulations,
good governance and
not forgetting the
wealth of knowledge.
Laural Jefferies, FCICM
The value
of CICM
membership
Laural Jefferies, FCICM
Head of Accounts Receivable,
Fashion Edge Ltd
Read more about her story and join your
credit community by visiting:
www.cicm.com/value-of-cicm-membership/
info@cicm.com
www.cicm.com
01780 722900

NEW AND UPGRADED MEMBERS
Do you know someone who would benefit from CICM membership? Or have
you considered applying to upgrade your membership? See our website
www.cicm.com/membership-types for more details, or call us on 01780 722903
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Get in touch with the CICM by emailing branches@cicm.com
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Advancing the credit profession / www.cicm.com / October 2020 / PAGE 50

What impact will
Crown Preference have
on creditors? Page 12
The future of collections
could be a robot called
AVA. Page 14
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
CM Jan/Feb 2020.indd 1 22/01/2020 10:17
CICM British
Credit Awards
2020
Are customers engaging
with new digital
communications? Page 12
Sean Feast speaks to
Jo Kettner of Company
Watch. Page 17
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
CM March 2020.indd 1 21/02/2020 12:21
Advancing the
credit profession.
Page 12
Making
information work.
Page 36
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
CM APRIL 2020.indd 1 20/03/2020 10:34
Are latest insolvency
predictions scare
mongering? Page 12
Sean Feast speaks to
Paladin's Steve Fox.
Page 24
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
CM MAY 2020.indd 1 21/04/2020 11:08
A credit squeeze is
coming but how long
will it last? Page 18
Sean Feast talks
to Richard Webster
of AIG. Page 24
THE CICM MAGAZINE FOR CONSUMER AND
COMMERCIAL CREDIT PROFESSIONALS
CM JUNE 2020.indd 1 21/05/2020 11:16
CICM MEMBER
EXCLUSIVE
Your CICM lapel badge
demonstrates your commitment to
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TAKE PRIDE IN
WEARING YOUR BADGE
If you haven’t received your badge
contact: cicmmembership@cicm.com
CM
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Nudge Nudge
Taking the chance
out of customer
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MARCH 2020 £12.50
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Treading softly
Ways to reduce your
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CREDIT MANAGEMENT
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Are CRAs doing enough
for the vulnerable?
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A rough ride for
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Advancing the credit profession / www.cicm.com / October 2020 / PAGE 51

BE ONE CLICK AWAY
FROM OUR WEBSITE
How to set up a great one click link to the CICM website on
your mobile phone. Follow these four simple steps...
Step 1 Step 2 Step 3 Step 4
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Advancing the credit profession / www.cicm.com / October 2020 / PAGE 52

HR MATTERS
SEEING IS BELIEVING
Computer screens, criminal acts and furloughed workers.
AUTHOR – Gareth Edwards
HOW far does disability
discrimination apply when an
employee makes a claim? This
was answered in Robinson v
DWP which focused on alleged
discrimination arising from a
disability.
The claimant suffered migraines and blurred
vision which was recognised as a disability. She
required screen magnification software that
was incompatible with a computer system she
used. Various unsuccessful attempts were made
to improve the claimant’s working conditions.
Progress was slow, and in the absence of a solution
to the computer software issue, the claimant was
transferred to paper-based work in a different
department for over a year.
The claimant brought grievances relating to
the delay in implementing the adjustments. Her
grievances were upheld, and an apology was
issued. However, she appealed on the basis that
no compensation was offered for the stress and
difficulties she had experienced. She subsequently
issued proceedings in the Employment Tribunal
(ET) which upheld the claim of discrimination
arising from disability but dismissed the claim
for failure to make reasonable adjustments. The
ET’s decision was overturned by the EAT. The
claimant accepted the EAT’s findings over her
failure to make reasonable adjustments claim but
appealed to the Court of Appeal in respect of the
discrimination arising from disability claim.
The Court of Appeal rejected the appeal. It
confirmed that in order to succeed in a claim for
disability arising from disability, it is necessary for
the treatment complained of to be ‘because of’ the
disability, with the ‘conscious and/or unconscious
thought processes of the putative discriminators
is likely to be necessary’. It is insufficient to
show that ‘but for’ a disability, the disadvantage
complained of would not have arisen. The facts
suggested that the employer had attempted to
address her concerns but failed to adequately do
so.
Dealing with concerns raised by disabled
employees quickly and maintaining
communication when implementing adjustments
may help avoid staff feeling aggrieved enough to
litigate.
UNFAIR DISMISSAL: THE IMPORTANCE OF
PROCEDURAL FAIRNESS
A recent Employment Appeal Tribunal (EAT)
decision – Evans v London Borough of Brent
illustrates the importance of following a fair
procedure prior to dismissal, even where it is
clear the employee has committed a criminal act.
Mr Evans was employed as a deputy
headteacher at Copland Community School.
Following allegations of financial impropriety,
disciplinary proceedings were commenced.
Prior to the disciplinary hearing, Evans was
provided with extensive paperwork relating to the
investigation. Evans requested an extension of time
to master the paperwork and to be accompanied
by his sister, who had previously accompanied
him to interviews but who was on holiday on the
scheduled hearing date. The request was denied,
and he was dismissed following the hearing.
Evans's unfair dismissal claim was stayed
pending the outcome of the criminal case against
him, which found he had received unlawful
overpayments amounting to some £250,000. His
Employment Tribunal claim was then struck out
on the basis that there was no prospect of Evans
recovering financial compensation due to his own
conduct.
Evans appealed, arguing he had a reasonable
prospect of success in respect of the alleged
procedural unfairness, and that this alone was
sufficient for the claim to proceed. The EAT
upheld the appeal despite there being no prospect
of monetary compensation. In its ruling, the
EAT acknowledged the importance for Evans of
a finding of unfair dismissal, which has a value
of its own separate to the issue of monetary
compensation.
Had the employer accepted a short delay in
order to achieve a fair process, it could have saved
the considerable expense of defending its position
at Tribunal.
FURLOUGHED WORKERS’ STATUTORY
REDUNDANCY AND NOTICE PAYMENTS
The Government has announced new protection
for furloughed workers who are made redundant
during furlough.
The new Employment Rights Act 1996
(Coronavirus, Calculation of a Week's Pay)
Regulations 2020 came into effect from 31 July.
Under the new regulations, all workers will be
entitled to statutory redundancy pay calculated
based on their unreduced salary. The statutory
cap on a week's pay will remain in force.
The regulations also apply to statutory notice
payments and basic awards for unfair dismissal
claims, which must also be based on normal
wages rather than the reduced, furlough, rate of
pay.
Where employers need to make redundancies
during furlough leave, the Coronavirus Job
Retention Scheme (CJRS) can continue to be used
to reclaim notice pay up to the cap. It cannot be
used to pay redundancy payments, which must be
financed by employers.
Gareth Edwards is a partner in the employment
team at VWV. gedwards@vwv.co.uk
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 53

Don’t allow long-standing
debts to adversely affect
your business
For all your credit management requirements
Premium Collections Limited have the solution.
Operating on a national and international basis
we can tailor a package of services to meet your
requirements. Staffed by dedicated professionals
with over 50 years combined experience of
handling virtually every type of debt issue.
DEBT COLLECTION
COCREDO
ADVERT
INTERNATIONAL RECOVERIES
ABSCONDER TRACING
VEHICLE REPOSSESSIONS
0161 962 4695
For a detailed discussion on how we can help your business or for a
quotation for any of our services please do not hesitate to contact:
Paul Daine, Managing Director
PO Box 448, Altrincham, Cheshire, WA15 7WP
Email: enquries@premiumcollections.co.uk
Website: www.premiumcollections.co.uk
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 54

BRANCH NEWS
Standing out from the crowd
East of England Branch
THE latest CICM East of
England Branch webinar
- ‘Standing out from the
Crowd - Employment Tips
for Students through to
Credit Professionals in a
Difficult Climate’ - which was held on 19
August did exactly what it said on the tin.
During the webinar, hosted by
Andrew Martin of Hays, our two expert
recruitment specialist speakers - Branch
Members William Plom of Hays and
Chris Parker of Goodman Masson - gave
plenty of excellent advice, and many tips,
for those currently seeking employment.
William and Chris covered CV writing
- opening statements, what to include
(and how best to say it for maximum
impact), and, almost as important, what
to leave out or truncate! Example CVs
were talked through and advice was given
on the layout, format, length of CV and
even the type and size of font to use. They
stressed the importance of including only
relevant qualifications and experience
and the order in which to place them.
Differentiating between current job
responsibilities and actual achievements
was emphasised and examples given.
A different approach was needed for
direct and agency job applications. If
using a recruitment agency, talking to
your contact at the outset, and regularly,
was advised.
Tips were also provided on how, and
when, to use LinkedIn to best effect. The
advice on interview techniques included
how to prepare and dress for both faceto-face
or virtual interviews. Useful tips
on how to ‘stand out from the crowd’,
come across well to the interviewer, and
not being afraid to ask relevant questions
were also covered. We hope that Branch
members, members of other Branches,
and those interested in joining CICM,
found our latest webinar enjoyable,
helpful and informative. The Branch
Committee would like to thank CICM HQ,
our host and both speakers.
Author: Richard Brown, CICM East of
England Branch Vice Chairman.
The value of CICM
membership
‘‘
If you are serious
in furthering your
career in credit
management,
being a member
is essential
Andrew Barbaro
FCICM
Andrew Barbaro FCICM
Director of Customer Financial
Services MEA Emerson Automation
Solutions is a Fellow of the CICM.
Read more about his story and join
your credit community by visiting:
www.cicm.com/
value-of-cicm-membership/
01780 722900 www.cicm.com
info@cicm.com
www.cicm.com
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 55

TAKE CONTROL OF
YOUR CREDIT CAREER
CREDIT MANAGER
North West, up to £53,000 + bonus + benefits
This is a great career opportunity for an expert credit
professional with excellent communication skills to motivate
and influence people at all levels, leading from the front to
successfully exceed business targets and objectives. You will
expertly lead the management and operation of the Collections
teams, delivering against an ambitious cash collection target
and develop a CICM accreditation scheme. Ref: 3836849
Contact Karen Young on 01524 532331
or email karen.young@hays.com
FRENCH CREDIT CONTROLLER
London (relocation to Paris), up to £30,000 + bonus
This role is looking for a comprehensive credit controller who
will be focused on collections, administrative tasks of AR,
invoicing and dealing with projects for specific clients on a half
yearly basis. You will have extensive experience dealing with
credit control and demonstrate this through your career history.
Ref: 3728618
Contact Akshay Caussy on 020 8465 0020
or email akshay.caussy@hays.com
CREDIT CONTROLLER
London, up to £35,000
As a credit controller, you will be focused on collections,
administrative tasks of AR, invoicing and dealing with projects
for specific clients on a half yearly basis. You will have extensive
experience dealing with credit control and demonstrate this
through your career history.
Ref: 3453467
Contact Akshay Caussy on 020 8465 0020
or email akshay.caussy@hays.com
CREDIT CONTROLLER
Wallingford, £23,000-£25,000
A growing business in the financial services industry is looking
for a credit controller to join its busy team. This role will include
being responsible for your own portfolio of clients in order to
effectively collect any outstanding debts so previous experience
is required. This is an exciting time for the business as it is going
through a period of continuous growth. Ref: 3839720
Contact Benjamin Timmins on 01865 727071
or email benjamin.timmins@hays.com
hays.co.uk/creditcontrol
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 56

INSPIRE ME IN THE
NEW ERA OF WORK
Your resource hub for reaching
your career goals
Read our latest guides and articles
Tips to help you prepare successfully
To find out more visit
hays.co.uk/embrace-the-new-era
CREDIT SERVICES ADVISOR
Cheltenham, £22,000-£25,000 DOE
Working for an international leader in industrial manufacturing
based in Cheltenham, the objective of the Credit Services advisor
is to manage the credit accounts of customers in line with the
company’s credit policy; to keep customers within their agreed
terms and escalating where further action is required. You will
proactively support the business to achieve sales and profit
growth. Ref: 3839690
Contact Edward Kennedy on 01242 226227
or email edward.kennedy@hays.com
ASSISTANT CREDIT MANAGER
Surrey, £competitive salary + package
Working in a newly created role, you will support the Credit
Manager with the day-to-day running of the department.
Proven leadership skills and an in-depth knowledge of the order
to cash cycle, in an FMCG/retail environment are essential for
this position. Ref: 3840298
Contact Natascha Whitehead on 01256 633152
or email natascha.whitehead@hays.com
This is just a small selection of the many opportunities we have
available for credit professionals. To find out more visit us
online or contact Kabir Gulabkhan, Hays Credit Management
UK Lead on 020 3465 0020
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 57

WHAT'S ON
We are asking all members to invite a colleague to a CICM membership event,
free of charge. Book online on our website www.cicm.com/cicm-events
ANNOUNCEMENT
We are not able to bring our usual guide
to the CICM and Industry events, as the
calendar and what is on, is changing daily.
Many of our events are now available
online, along with a new series of live and
recorded webinars for the credit profession.
Visit our website for updates and
instructions on how to register.
Advancing the credit the credit profession / / www.cicm.com / September / October 2019 2020 / / PAGE 58 58

More reasons to be a member
Make connections and keep up-to-date
with our exclusive events.
Studying at a
distance
with CICM
From interactive virtual classrooms to supporting texts,
from mentor advice to peer support, we’ve got it all.
Contact CICM for more information on any of these services,
or check them out at cicm.com
Giving you the tools to continue
working through this crisis.
MANAGING THE NEW
CREDIT FUTURE
As the world continues to react
to constant change, our credit
profession needs to prepare for the
new credit future.
For more information contact:
info@cicm.com or 01780 722900
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 59

Cr£ditWho?
CICM Directory of Services
COLLECTIONS
INTERNATIONAL COLLECTIONS
COLLECTIONS LEGAL
Controlaccount Plc
Address: Compass House, Waterside, Hanbury Road,
Bromsgrove, Worcestershire B60 4FD
T: 01527 549 522
E: sales@controlaccount.com
W: www.controlaccount.com
Controlaccount Plc provides an efficient, effective and ethical
commercial debt recovery service focused on improving
business cash flow whilst preserving customer relationships
and established reputations. Working with leading brand names
in the UK and internationally, we deliver a bespoke service to
our clients. We offer a no collect, no fee service without any
contractual ties in. Where applicable, we can utilise the Late
Payment of Commercial Debts Act (2013) to help you redress
the cost of collection. Our clients also benefit from our in-house
international trace and legal counsel departments and have
complete transparency and up to the minute information on any
accounts placed with us for recovery through our online debt
management system, ClientWeb.
INTERNATIONAL COLLECTIONS
Atradius Collections Ltd
3 Harbour Drive,
Capital Waterside, Cardiff, CF10 4WZ
Phone: +44 (0)29 20824397
Mobile: +44 (0)7767 865821
E-mail:yvette.gray@atradius.com
Website: atradiuscollections.com
Atradius Collections Ltd is an established specialist in business
to business collections. As the collections division of the Atradius
Crédito y Caución, we have a strong position sharing history,
knowledge and reputation.
Annually handling more than 110,000 cases and recovering
over a billion EUROs in collections at any one time, we deliver
when it comes to collecting outstanding debts. With over 90
years’ experience, we have an in-depth understanding of the
importance of maintaining customer relationships whilst efficiently
and effectively collecting monies owed.
The individual nature of our clients’ customer relationships is
reflected in the customer focus we provide, structuring our
service to meet your specific needs. We work closely with clients
to provide them with a collection strategy that echoes their
business character, trading patterns and budget.
For further information contact Yvette Gray Country Director, UK
and Ireland.
Premium Collections Limited
3 Caidan House, Canal Road
Timperley, Cheshire. WA14 1TD
T: +44 (0)161 962 4695
E: paul.daine@premiumcollections.co.uk
W: www.premiumcollections.co.uk
For all your credit management requirements Premium
Collections has the solution to suit you. Operating on a national
and international basis we can tailor a package of products and
services to meet your requirements.
Services include B2B collections, B2C collections, international
collections, absconder tracing, asset repossessions, status
reporting and litigation support.
Managed from our offices in Manchester, Harrogate and Dublin
our network of 55 partners cover the World.
Contact Paul Daine FCICM on +44 (0)161 962 4695 or
paul.daine@premiumcollections.co.uk
www.premiumcollections.co.uk
Baker Ing International Limited
Office 7, 35-37 Ludgate Hill, London. EC4M 7JN
Contact: Lisa Baker-Reynolds
Email: lisa@bakering.global
Website: https://www.bakering.global/contact/
Tel: 07717 020659
Baker Ing International is a dedicated team of Credit industry
experience that, combined, covers time served in most industries.
The team is wholly comprised of working Credit Manager’s
across the Globe with a minimum threshold of ten years working
experience within Credit Management. The team offers a
comprehensive service to clients - International Debt Recovery,
Credit Control, Legal Services & more
Our mission is to help companies improve the cost and efficiency
of their Credit Management processes in order to limit the risks
associated with extending credit and trading around the globe.
How can we help you - call Lisa Baker Reynolds on
+44(0)7717 020659 or email lisa@bakering.global
Sterling Debt Recovery
E: info@sterlingdebtrecovery.com
T: 0207 1005978
W: www.sterlingdebtrecovery.com
Sterling specialises in international business debt collection
to get outstanding invoices paid quickly and cost effectively.
Our experienced, enthusiastic collectors achieve results whilst
maintaining a professional image.
We work on a commission only basis with no up-front fees and
no hidden costs. Each client is allocated a named collector for
personal service and regular updates. We collect the majority
of debt without litigation, with our on-site lawyer supporting us
where appropriate.
Where local expertise is required our global network are
available to assist.
COLLECTIONS LEGAL
Keebles
Capitol House, Russell Street, Leeds LS1 5SP
T: 0113 399 3482
E: charise.marsden@keebles.com
W: www.keebles.com
Keebles debt recovery team was named “Legal Team of the Year”
at the 2019 CICM British Credit Awards.
According to our clients “Keebles stand head and shoulders
above others in the industry. A team that understands their client’s
business and know exactly how to speedily maximise recovery.
Professional, can do attitude runs through the team which is not
seen in many other practices.”
We offer a service with no hidden costs, giving you certainty and
peace of mind.
• ‘No recovery, no fee’ for pre-legal work.
• Fixed fees for issuing court proceedings and pursuing claims to
judgment and enforcement.
• Success rate in excess of 80%.
• 24 hour turnaround on instructions.
• Real-time online access to your cases to review progress.
Lovetts Solicitors
Lovetts, Bramley House, The Guildway,
Old Portsmouth Road,
Guildford, Surrey, GU3 1LR
T: 01483 347001
E: info@lovetts.co.uk
W: www.lovetts.co.uk
With more than 25yrs experience in UK & international business
debt collection and recovery, Lovetts Solicitors collects £40m+
every year on behalf of our clients. Services include:
• Letters Before Action (LBA) from £1.50 + VAT (successful in
86% of cases)
• Advice and dispute resolution
• Legal proceedings and enforcement
• 24/7 access to your cases via our in-house software solution,
CaseManager
Don’t just take our word for it, here’s some recent customer
feedback: “All our service expectations have been exceeded.
The online system is particularly useful and extremely easy to
use. Lovetts has a recognisable brand that generates successful
results.”
CONSULTANCY
Sanders Consulting Associates Ltd
T: +44(0)1525 720226
E: enquiries@chrissandersconsulting.com
W: www.chrissandersconsulting.com
Sanders Consulting is an independent niche consulting firm
specialising in leadership and performance improvement in all
aspects of the order to cash process. Chris Sanders FCICM, the
principal, is well known in the industry with a wealth of experience
in operational credit management, billing, change and business
process improvement. A sought after speaker with cross
industry international experience in the business-to-business and
business-to-consumer markets, his innovative and enthusiastic
approach delivers pragmatic people and process lead solutions
and significant working capital improvements to clients.
Sanders Consulting are proud to manage CICMQ on behalf of
and under the supervision of the CICM.
COURT ENFORCEMENT SERVICES
Court Enforcement Services
Wayne Whitford – Director
M: +44 (0)7834 748 183 T : +44 (0)1992 663 399
E : wayne@courtenforcementservices.co.uk
W: www.courtenforcementservices.co.uk
EXPERTLY RESOLVED.
We help law firms, in-house debt recovery and legal teams to
enforce CCJs by transferring them up to the High Court. With
our fast, fair and personable approach to service, we work
harder to bring you the sector’s best results without risking client
reputation.
• Free Transfer Up process of CCJs to High Court
• Market-leading recovery rates
• Over 100,000 writs, recovering >£187 million since 2014
• Real-time access to cases via our own Award-Winning App
• Our highly trained and certificated agents cover every postcode
in England & Wales.
FAST. FAIR. FOR YOU.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 60

FOR ADVERTISING INFORMATION OPTIONS AND PRICING CONTACT
russell@cabbells.uk 0203 603 7937
CREDIT INFORMATION
CREDIT INFORMATION
CREDIT MANAGEMENT SOFTWARE
CoCredo
Missenden Abbey, Great Missenden, Bucks, HP16 0BD
T: 01494 790600
E: customerservice@cocredo.com
W: www.cocredo.co.uk
We provide business information on over 256 million companies
across 221 countries. Our information is updated over 500,000
times per day and we have some excellent tracking mechanisms
which provide proactive daily monitoring of changes in
the global information on record. We can offer a wealth of
additional services including XML Integration, D.N.A portfolio
management, CoData marketing information, Companies
House documents, Consumer and Director Searches. We pride
ourselves in delivering award winning customer service, offering
you unrivalled support and analysis to protect your business.
CREDIT INFORMATION
THE ONLY AML RESOURCE YOU NEED
SmartSearch
SmartSearch, Harman House,
Station Road,Guiseley, Leeds, LS20 8BX
T: +44 (0)113 238 7660
E: info@smartsearchuk.com W: www.smartsearchuk.com
KYC, AML and CDD all rely on a combination of deep data
with broad coverage, highly automated flexible technology with
an innovative and intuitive customer interface. Key features
include automatic Worldwide Sanction & PEP checking, Daily
Monitoring, Automated Enhanced Due Diligence and proactive
customer management. Choose SmartSearch as your
benchmark.
CEDAR
ROSE
R
Cedar Rose
3, Georgiou Katsonotou Street,3036, Limassol, Cyprus
E: info@cedar-rose.com T: +357 25346630
W: www.cedar-rose.com
Cedar Rose has been globally recognised as the expert for
credit reports, due diligence and data for the Middle East
and North African countries since 1997. We now cover over
170 countries with the same high quality, expert analysis and
attention to detail we are well-known and trusted for.
Making best use of artificial intelligence and technology, Cedar
Rose has won several awards including Credit Excellence &
European Business Awards. Our website is a one-stop-shop for
your business intelligence solutions. We are the ultimate source;
with competitive prices and friendly customer service - whether
you need one or one thousand reports.
Graydon UK
66 College Road, 2nd Floor, Hygeia Building, Harrow,
Middlesex, HA1 1BE
T: +44 (0)208 515 1400
E: customerservices@graydon.co.uk
W: www.graydon.co.uk
With 130+ years of experience, Graydon is a leading provider of
business information, analytics, insights and solutions. Graydon
helps its customers to make fast, accurate decisions, enabling
them to minimise risk and identify fraud as well as optimise
opportunities with their commercial relationships. Graydon uses
130+ international databases and the information of 90+ million
companies. Graydon has offices in London, Cardiff, Amsterdam
and Antwerp. Since 2016, Graydon has been part of Atradius,
one of the world’s largest credit insurance companies.
Company Watch
Centurion House, 37 Jewry Street,
LONDON. EC3N 2ER
T: +44 (0)20 7043 3300
E: info@companywatch.net
W: www.companywatch.net
Organisations around the world rely on Company Watch’s
industry-leading financial analytics to drive their credit risk
processes. Our financial risk modelling and ability to map
medium to long-term risk as well as short-term credit risk set us
apart from other credit reference agencies.
Quality and rigour run through everything we do, from our
unique method of assessing corporate financial health via our
H-Score®, to developing analytics on our customers’ in-house
data.
With the H-Score® predicting almost 90 percent of corporate
insolvencies in advance, it is the risk management tool of
choice, providing actionable intelligence in an uncertain world.
CREDIT MANAGEMENT SOFTWARE
ONGUARD
T: +31 (0)88 256 66 66
E: ruurd.bakker@onguard.com
W: www.onguard.com
Onguard is specialist in credit management software and market
leader in innovative solutions for order to cash. Our integrated
platform ensures an optimal connection of all processes in the
order to cash chain and allows sharing of critical data.
Intelligent tools that can seamlessly be interconnected and
offer overview and control of the payment process, as well as
contribute to a sustainable customer relationship.
In more than 50 countries the Onguard platform is successfully
used for successful credit management.
Tinubu Square UK
Holland House, 4 Bury Street,
London EC3A 5AW
T: +44 (0)207 469 2577 /
E: uksales@tinubu.com
W: www.tinubu.com
Founded in 2000, Tinubu Square is a software vendor, enabler
of the Credit Insurance, Surety and Trade Finance digital
transformation.
Tinubu Square enables organizations across the world to
significantly reduce their exposure to risk and their financial,
operational and technical costs with best-in-class technology
solutions and services. Tinubu Square provides SaaS
solutions and services to different businesses including credit
insurers, receivables financing organizations and multinational
corporations.
Tinubu Square has built an ecosystem of customers in over 20
countries worldwide and has a global presence with offices in
Paris, London, New York, Montreal and Singapore.
Credica Ltd
Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT
T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk
Our highly configurable and extremely cost effective Collections
and Query Management System has been designed with 3
goals in mind:
•To improve your cashflow • To reduce your cost to collect
• To provide meaningful analysis of your business
Evolving over 15 years and driven by the input of 1000s of
Credit Professionals across the UK and Europe, our system is
successfully providing significant and measurable benefits for
our diverse portfolio of clients.
We would love to hear from you if you feel you would benefit
from our ‘no nonsense’ and human approach to computer
software.
Data Interconnect Ltd
Units 45-50
Shrivenham Hundred Business Park
Majors Road, Watchfield
Swindon, SN6 8TZ
T: +44 (0)1367 245777
E: sales@datainterconnect.co.uk
W: www.datainterconnect.com
Data Interconnect provides Intelligent Invoice to Cash
Automation. Corrivo Billing, Collection and Dispute modules
seamlessly integrate for a rich, end-to-end A/R user experience.
Branded customer portals, real-time dashboards, advanced
reporting, available in 15 languages as standard; are some of
the reason why global brands choose Data Interconnect.
HighRadius
T: +44 7399 406889
E: gwyn.roberts@highradius.com
W: www.highradius.com
HighRadius is the leading provider of Integrated Receivables
solutions for automating receivables and payment functions
such as credit, collections, cash allocation, deductions and
eBilling. The Integrated Receivables suite is delivered as a
software-as-a-service (SaaS). HighRadius also offers SAPcertified
Accelerators for SAP S/4HANA Finance Receivables
Management, enabling large enterprises to maximize the value
of their SAP investments. HighRadius Integrated Receivables
solutions have a proven track record of reducing days sales
outstanding (DSO), bad-debt and increasing operation efficiency,
enabling companies to achieve an ROI in less than a year.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 61

Cr£ditWho?
CICM Directory of Services
FOR ADVERTISING INFORMATION
OPTIONS AND PRICING CONTACT
russell@cabbells.uk 0203 603 7937
CREDIT MANAGEMENT SOFTWARE
DATA AND ANALYTICS
FORUMS
ESKER
Sam Townsend Head of Marketing
Northern Europe Esker Ltd.
T: +44 (0)1332 548176 M: +44 (0)791 2772 302
W: www.esker.co.uk LinkedIn: Esker – Northern Europe
Twitter: @EskerNEurope blog.esker.co.uk
Esker’s Accounts Receivable (AR) solution removes the
all-too-common obstacles preventing today’s businesses
from collecting receivables in a timely manner. From credit
management to cash allocation, Esker automates each step of
the order-to-cash cycle. Esker’s automated AR system helps
companies modernise without replacing their core billing and
collections processes. By simply automating what should
be automated, customers get the post-sale experience they
deserve and your team gets the tools they need.
Dun & Bradstreet
Marlow International, Parkway Marlow
Buckinghamshire SL7 1AJ
Telephone: (0800) 001-234 Website: www.dnb.co.uk
Dun & Bradstreet Finance Solutions enable modern finance
leaders and credit professionals to improve business
performance through more effective risk management,
identification of growth opportunities, and better integration
of data and insights across the business. Powered by our
Data Cloud, our solutions provide access to the world’s most
comprehensive commercial data and insights - supplying a
continually updated view of business relationships that helps
finance and credit teams stay ahead of market shifts and
customer changes. Learn more here:
www.dnb.co.uk/modernfinance
FORUMS INTERNATIONAL
T: +44 (0)1246 555055
E: info@forumsinternational.co.uk
W: www.forumsinternational.co.uk
Forums International Ltd have been running Credit and Industry
Forums since 1991. We cover a range of industry sectors and
International trading, attendance is for Credit Professionals of
all levels. Our forums are not just meetings but communities
which aim to prepare our members for the challenges ahead.
Attending for the first time is free for you to gauge the benefits
and meet the members and we only have pre-approved
Partners, so you will never intentionally be sold to.
INSOLVENCY
SERRALA
Serrala UK Ltd, 125 Wharfdale Road
Winnersh Triangle, Wokingham
Berkshire RG41 5RB
E: r.hammons@serrala.com W: www.serrala.com
T +44 118 207 0450 M +44 7788 564722
Serrala optimizes the Universe of Payments for organisations
seeking efficient cash visibility and secure financial processes.
As an SAP Partner, Serrala supports over 3,500 companies
worldwide. With more than 30 years of experience and
thousands of successful customer projects, including solutions
for the entire order-to-cash process, Serrala provides credit
managers and receivables professionals with the solutions they
need to successfully protect their business against credit risk
exposure and bad debt loss.
C2FO
C2FO Ltd
105 Victoria Steet
SW1E 6QT
T: 07799 692193
E: anna.donadelli@c2fo.com
W: www.c2fo.com
C2FO turns receivables into cashflow and payables into
income, uniquely connecting buyers and suppliers to allow
discounts in exchange for early payment of approved invoices.
Suppliers access additional liquidity sources by accelerating
payments from buyers when required in just two clicks, at a
rate that works for them. Buyers, often corporates with global
supply chains, benefit from the C2FO solution by improving
gross margin while strengthening the financial health of supply
chains through ethical business practices.
Menzies
T: +44 (0)2073 875 868 - London
T: +44 (0)2920 495 444 - Cardiff
W: menzies.co.uk/creditor-services
Operating across seven UK offices, Menzies LLP is an
accountancy firm delivering traditional services combined with
strategic commercial thinking. Our services include: advisory,
audit, corporate and personal tax, corporate finance, forensic
accounting, outsourcing, wealth management and business
recovery – the latter of which includes our specialist offering
developed specifically for creditors. For more information on
this, or to see how the Menzies Creditor Services team can
assist you, please
visit: www.menzies.co.uk/creditor-services. Bethan Evans,
Partner and Head of Menzies Creditor Services, email:
bevans@menzies.co.uk and phone: +44 (0)2920 447512
LEGAL
Redwood Collections Ltd
0208 288 3555
enquiry@redwoodcollections.com
Airport House, Purley Way, Croydon, CR0 0XZ
“Redwood Collections offers a complete portfolio of debt
collection services ranging from sensitive client-debtor
mediation through to legal and insolvency action.
Incorporated in 2009, we are pleased to represent in excess of
11,000 clients. Whatever your debt collection needs, we have
the expertise and resources to deliver a fast, efficient and costeffective
solution.”
Satago
48 Warwick Street, London, W1B 5AW
T: +44(0)020 8050 3015
E: hello@satago.com
W: www.satago.com
Satago helps business owners and their accountants avoid
credit risks, manage debtors and access finance when they
need it – all in one platform. Satago integrates with 300+ cloud
accounting apps with just a few clicks, helping businesses:
• Understand their customers - with RISK INSIGHTS
• Get paid on time - with automated CREDIT CONTROL
• Access funding - with flexible SINGLE INVOICE FINANCE
Visit satago.com and start your free trial today.
identeco – Business Support Toolkit
Compass House, Waterside, Hanbury Road, Bromsgrove,
Worcestershire B60 4FD
Telephone: 01527 549 531 Email: info@identeco.co.uk
Web: www.identeco.co.uk
identeco’s Business Support Toolkit is an online portal
connecting its subscribers to a range of business services that
help them to engage with new prospects, understand their
customers and mitigate risk. Annual subscription is £79.95 per
year for unlimited access. Providing company information and
financial reports, director and shareholder structures as well as a
unique financial health rating, balance sheets, ratio analysis, and
any detrimental data that might be associated with a company.
Other services also included in the subscription include a
business names database, acquisition targets, a data audit
service as well as unlimited, bespoke marketing and telesales
listings for any sector.
FINANCIAL PR
Gravity Global
Floor 6/7, Gravity Global, 69 Wilson St, London, EC2A 2BB
T: +44(0)207 330 8888. E: sfeast@gravityglobal.com
W: www.gravityglobal.com
Gravity is an award winning full service PR and advertising
business that is regularly benchmarked as being one of the
best in its field. It has a particular expertise in the credit sector,
building long-term relationships with some of the industry’s
best-known brands working on often challenging briefs. As
the partner agency for the Credit Services Association (CSA)
for the past 22 years, and the Chartered Institute of Credit
Management since 2006, it understands the key issues
affecting the credit industry and what works and what doesn’t in
supporting its clients in the media and beyond.
Shoosmiths
Email: paula.swain@shoosmiths.co.uk
Tel: 03700 86 3000 W: www.shoosmiths.co.uk
Shoosmiths’ highly experienced team will work closely with credit
teams to recover commercial debts as quickly and cost effectively
as possible. We have an in depth knowledge of all areas of debt
recovery, including:
•Pre-litigation services to effect early recovery and keep costs down
•Litigation service
•Post-litigation services including enforcement
•Insolvency
As a client of Shoosmiths, you will find us quick to relate to your
goals, and adept at advising you on the most effective way of
achieving them.
PAYMENT SOLUTIONS
Bottomline Technologies
115 Chatham Street, Reading
Berks RG1 7JX | UK
T: 0870 081 8250 E: emea-info@bottomline.com
W: www.bottomline.com/uk
Bottomline Technologies (NASDAQ: EPAY) helps businesses
pay and get paid. Businesses and banks rely on Bottomline
for domestic and international payments, effective cash
management tools, automated workflows for payment
processing and bill review and state of the art fraud detection,
behavioural analytics and regulatory compliance. Businesses
around the world depend on Bottomline solutions to help them
pay and get paid, including some of the world’s largest systemic
banks, private and publicly traded companies and Insurers.
Every day, we help our customers by making complex business
payments simple, secure and seamless.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 62

PAYMENT SOLUTIONS
American Express
76 Buckingham Palace Road,
London. SW1W 9TQ
T: +44 (0)1273 696933
W: www.americanexpress.com
American Express is working in partnership with the CICM
and is a globally recognised provider of payment solutions
to businesses. Specialising in providing flexible collection
capabilities to drive a number of company objectives including:
• Accelerate cashflow • Improved DSO • Reduce risk
• Offer extended terms to customers
• Provide an additional line of bank independent credit to drive
growth • Create competitive advantage with your customers
As experts in the field of payments and with a global reach,
American Express is working with credit managers to drive
growth within businesses of all sectors. By creating an additional
lever to help support supplier/client relationships American
Express is proud to be an innovator in the business payments
space.
ARE YOU A LEADER
OR FOLLOWER?
Key IVR
T: +44 (0) 1302 513 000
E: sales@keyivr.com
W: www.keyivr.com
Key IVR are proud to have joined the Chartered Institute of
Credit Management’s Corporate partnership scheme. The
CICM is a recognised and trusted professional entity within
credit management and a perfect partner for Key IVR. We are
delighted to be providing our services to the CICM to assist
with their membership collection activities. Key IVR provides
a suite of products to assist companies across the globe with
credit management. Our service is based around giving the
end-user the means to make a payment when and how they
choose. Using automated collection methods, such as a secure
telephone payment line (IVR), web and SMS allows companies
to free up valuable staff time away from typical debt collection.
RECRUITMENT
Hays Credit Management
107 Cheapside, London, EC2V 6DN
T: 07834 260029
E: karen.young@hays.com
W: www.hays.co.uk/creditcontrol
Hays Credit Management is working in partnership with the
CICM and specialise in placing experts into credit control jobs
and credit management jobs. Hays understands the demands
of this challenging environment and the skills required to thrive
within it. Whatever your needs, we have temporary, permanent
and contract based opportunities to find your ideal role. Our
candidate registration process is unrivalled, including faceto-face
screening interviews and a credit control skills test
developed exclusively for Hays by the CICM. We offer CICM
members a priority service and can provide advice across a wide
spectrum of job search and recruitment issues.
PORTFOLIO
CREDIT CONTROL
Portfolio Credit Control
1 Finsbury Square, London. EC2A 1AE
T: 0207 650 3199
E: recruitment@portfoliocreditcontrol.com
W: www.portfoliocreditcontrol.com
CICMQ accreditation is a proven model
that has consistently delivered dramatic
improvements in cashflow and efficiency
CICMQ is the hallmark of industry
leading organisations
The CICM Best Practice Network is where
CICMQ accredited organisations come
together to develop, share and celebrate
best practice in credit and collections
BE A LEADER – JOIN THE CICM BEST
PRACTICE NETWORK TODAY
To find out more about flexible options
to gain CICMQ accreditation
E: cicmq@cicm.com T: 01780 722900
Portfolio Credit Control, solely specialises in the recruitment of
permanent, temporary and contract Credit Control, Accounts
Receivable and Collections staff. Part of an award winning
recruiter we speak to and meet credit controllers all day everyday
understanding their skills and backgrounds to provide you with
tried and tested credit control professionals. We have achieved
enormous growth because we offer a uniquely specialist
approach to our clients, with a commitment to service delivery
that exceeds your expectations every single time.
Advancing the credit profession / www.cicm.com / October 2020 / PAGE 63

Don’t get
STUNG
Taking on board new clients without
getting the appropriate credit checks
could lead to a nasty shock.
Contact us to find out about our
award-winning company credit reports.
01494 790600 www.cocredo.co.uk